Saudi Arabia’s state oil company’s profits up 26% to £26.9bn in first three months of year
Saudi Arabia’s state oil company reported a 26% jump in profits in its first quarter as its east-west pipeline allowed it to ship millions of barrels of oil out of the Gulf despite conflict in the Middle East.
Profits at Saudi Aramco hit $33.6bn (£26.9bn) in the first three months of the year, while revenue rose nearly 7% compared with a year earlier to $115.5bn.
A 26% profit jump to $33.6 billion while the region is on fire? Aramco is literally printing money from that east-west pipeline bypassing the Gulf.
Interesting how revenue only rose 7% but profits soared 26% — must be those cost cuts or higher margins. Still, $115.5 billion in three months is mind-boggling.
So the east-west pipeline is the real hero here, keeping oil flowing even with Houthi attacks in the Red Sea. Smart move by Aramco to invest in that route.
Great for Saudi shareholders, but this just means higher fuel prices for the rest of us. $26.9 billion profit while people struggle with energy bills is obscene.
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I wonder how much of that profit comes from selling to China and India. The east-west pipeline basically makes the Strait of Hormuz less critical for them.
The article says ‘despite conflict in the Middle East’ — but let’s be real, high oil prices are often driven by conflict, so Aramco is profiting from instability.
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