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Aramco profit rises 33% on higher oil prices
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Saudi Aramco’s second-quarter profit increased 33% from a year earlier, as higher oil prices and strong refining margins helped offset lower export volumes.
Amin Nasser, Aramco’s chief executive officer, said the company’s East-West pipeline, storage facilities, and Red Sea export terminals allowed it to maintain operations.
Export volumes were still lower than prewar levels, however, because the company has been unable to divert all the Saudi crude that used to flow through Hormuz.
Aramco benefited from higher prices caused by the US-Iran war, while some other Gulf producers saw shipments collapse.
Aramco acknowledged that some energy facilities were targeted in attacks last month, but said there was no material impact on operations.