Saudi Aramco profits surged by 82%

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Saudi Aramco profits surged by 82%
16 May 2022
6 min read

News Synopsis

Recently, Saudi Aramco

has registered an increase of 82% in quarterly profit post a surge in oil prices. For the first time in three months of the year, the state-owned energy company clocked a profit of  $39.5 billion up from $21.7 billion for the same period last year.

The major reason behind the increase in profit is said to be increased prices of Crude oil and gas along with a boost in production. Recently, the company overtook Apple to become the world's most valuable company.

The share of the company increased a further 4.7 percent on Sunday to leave Aramco worth $2.64 trillion.

Apple

was worth $2.38 trillion at Friday's close. The prices of oil and gas have skyrocketed following Russia's invasion of Ukraine, which eventually attracted sanctions against Russia and has sparked further supply chain disruption.

On Saturday, US oil was trading at $110 a barrel with Brent crude at about $111 a barrel. Also, earlier this month Shell registered a quarterly profit of $9.1 billion, which is almost three times higher than the first quarter of last year and the highest figure since 2008.

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