Saudi Arabia’s oil company, oil giant Aramco announced on 4 August that its net profit had risen by 44 per cent in the second quarter of the year, as energy prices rose against the backdrop of the conflict in the Middle East.
According to the company’s financial results, Aramco’s net profit reached 122.6 billion Saudi riyals (US$32.7 billion) between April and June, compared with 85 billion riyals for the same period last year.
Aramco’s Chief Executive, Amin Nasser, said the company had been able to maintain operations despite unprecedented disruptions to oil supplies through the Strait of Hormuz, relying on the East-West pipeline, storage facilities and export terminals.
This statement came a day after US President Donald Trump criticised major oil companies for profiting from higher energy prices caused by the conflict in the Middle East, stating that they were making “too much money” and calling on them to lower prices.