Saudi Aramco records best quarterly since listing on higher oil prices

November 01, 2021 01:06 PM AEDT | By Arpit Verma

Saudi Aramco records best quarterly since listing on higher oil prices — Image source: Source: © Bulus | Megapixl.com

Huge earnings underpinned by a magnificent oil rally

The huge profits of Aramco are underpinned by a rapid increase in the prices of crude oil. However, the Company didn’t provide full financial details, but it is likely to get nearly US$70 per barrel on average for selling crude oil in the last quarter, relative to US$43.60 in the same period of 2020.

Oil price rise

Oil price rise | Source: © Lkeskinen0 | Megapixl.com

Saudi Arabia along with other oil-producing nations across the globe slashed their output significantly witnessing the slump in energy demands during pandemics. Now the companies are increasing their output in response to rapidly increasing energy demands due to a solid economic recovery.

The shares of Aramco were nearly 1% up in the early trading session followed by the release of the company's quarterly results. However, the shares of the oil giant have grown nearly 9% in the last one year.

Bottom Line

Saudi Aramco has more than doubled its net income in the third quarter ending September on the back of a strong recovery in the demand for crude oil after an ease in pandemics and soaring oil prices.

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