Saudi Aramco has stellar first quarter, as profits soar by 30%

Aramco is riding a wave of higher crude prices as COVID-ravaged economies spring back to life.

Saudi Aramco said on Tuesday its profits soared by 30 percent in the first quarter of the year, compared with last year, riding on the back of higher crude oil prices. The results come as some of the world’s biggest economies are clawing their way out of recession and easing restrictions amid vaccine rollouts against COVID-19. The company’s financial results show a net income of $21.7bn for the first three months of the year, compared with the same period in 2020 when Aramco’s earnings plunged to $16.7bn as the early effects of the coronavirus pandemic were beginning to dramatically drive down global demand for oil. Brent crude plummeted to about $20 a barrel at its lowest point last year. The Saudi Arabian Oil Co said the increase in profits primarily reflects the impact of higher crude oil prices, which have averaged approximately $60 a barrel in recent months. Prices have steadily climbed amid increased global demand for crude and disciplined cuts to production by producers to balance the market.