Saudi Aramco says Q1 profits jump 82% as oil prices surge ...Kuwait

Saudi Aramco on Sunday posted an 82-percent jump in first quarter profits, buoyed by a global surge in oil prices that has made it the world's most valuable company. The announcement continued a string of recent positive economic news for Saudi Arabia, where a booming oil sector is fuelling the fastest growth rate in a decade. Aramco's net income of $39.5 billion was up from $21.7 billion compared with the same period in 2021, "primarily driven by higher crude oil prices and volumes sold, and improved downstream margins," it said in a press release. Saudi Aramco posted highest profit since its record IPO after #oil prices surged in the wake of Russia’s invasion of Uk

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