Saudi oil giant Aramco reported record first-quarter profits as oil prices soar around the globe

The Saudi Arabian oil giant Aramco reported more than an 80% jump in net profit on Sunday setting a new quarterly earnings record for the company.

The oil producing behemoth said that its net income rose 82% to $39.5 billion in the first three months of 2022. CNBC reported that this is up from $21.7 billion over the same period in 2021.

The company’s income to date obliterates forecasts by economic experts, as well. Analysts polled by Reuters forecast Aramco’s income to be $38.5 billion.

The record quarter income for Aramco comes as companies throughout the oil industry are experiencing windfall profits from sharp rises in oil and gas prices. Aramco said that its earnings were largely driven by higher crude oil prices which in turn caused increasing volumes of product to be sold as downstream margins improved.

In the Sunday earnings release, Aramco President and CEO Amin Nasser said, “During the first quarter, our strategic downstream expansion progressed further in both Asia and Europe, and we continue to develop opportunities that complement our growth objectives. Against the backdrop of increased volatility in global markets, we remain focused on helping meet the world’s demand for energy that is reliable, affordable and increasingly sustainable.”- READ MORE