Aramco Enters 158% More In The Third Quarter Thanks To Rise In Crude Prices

The Saudi state oil company Aramco announced its third quarter results on Sunday, in which it registered a 158% year-on-year increase in net income compared to the same period of 2020 thanks to higher oil prices and the amount of crude sold.

“Aramco’s net income was $ 30.4 billion in the third quarter, compared to $ 11.8 billion in the third quarter of 2020. This 158% year-on-year increase in net income primarily reflects the impact of higher prices for the oil and volumes sold, “Aramco explained in a statement.

This increase is produced thanks to the “recovery of world energy demand and increased economic activity in key markets,” said the note from the world’s largest oil company.

Aramco CEO Amin Nasser said in the statement that this is an “exceptional” result for the third quarter, although “there are some headwinds for the global economy , in part due to supply chain bottlenecks.” .

However, he indicated that the state-owned company is “optimistic” that energy demand will remain in the “foreseeable future.”

Aramco also announced in its results for the third quarter of 2021 that its free cash flow increased to 28.7 billion dollars from 12.4 billion in the previous period, while the company will once again deliver to its shareholders a dividend of 18.8 billion , which will be paid in the fourth trimester.

The rise in the price of crude oil continues without OPEC + producers having plans to increase supply, despite the fact that the post-pandemic recovery continues to drive demand.

Sam Brad

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