Aramco sets record for 2nd consecutive quarter profit

Saudi Aramco sets record for 2nd consecutive quarter profit

In early August, the International Energy Agency (IEA) said global oil demand this year would rise more than previously forecast as heatwaves and rising gas prices pushed countries to switch fuels for power generation.

Saudi Aramco said that net profit in the second quarter of 2022 increased by 22.7% compared to the first quarter of 2022 in strong market growth conditions.

The group’s first-half profit was $87.9 billion.

Saudi Oil Group Saudi Aramco on August 14 announced a record profit of $ 48.4 billion in the second quarter of 2022 due to the conflict in Ukraine and rising demand after the pandemic that caused oil prices to skyrocket.