Oil giant Saudi Aramco said Sunday its profits soared more than 80% in the first three months of the year
FILE - A man walks under a billboard displaying an advertisement for Saudi Arabia's state-owned oil giant Aramco with Arabic reading"Saudi Aramco, soon on stock exchange" in Jiddah, Saudi Arabia on Nov. 12, 2019. Oil giant Saudi Aramco said Sunday, May 15, 2022 its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and soaring oil prices following Russias invasion of Ukraine.
The figure marks the oil group’s highest quarterly profit since 2019, when the Saudi government, which owns 98% of the company, listed a sliver of its worth on Riyadh’s Tadawul stock exchange in what was then the world’s largest-ever initial public offering. Oil prices rallied to a 14-year high of $139 a barrel in March immediately after Russia’s invasion of Ukraine, although later receded as Russian oil continued to flow and renewed lockdowns hurt demand for hydrocarbons in China, a top importer. International benchmark Brent crude traded over $111 a barrel Sunday.
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