Oil giant Saudi Aramco has USD 42.4B profit in third quarter

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Dubai: Oil giant Saudi Aramco on Tuesday reported a USD 42.4 billion profit in the third quarter of this year, buoyed by the higher global energy prices that have filled the kingdom’s coffers but helped fuel inflation worldwide.

The oil firm’s profits will help fund the kingdom’s assertive Crown Prince Mohammed bin Salman’s plans for a futuristic city on the Red Sea coast, but also comes as the US grows increasingly frustrated by higher prices at the pump chewing into American consumer’s wallets.

Those tensions yet again have chilled relations between Riyadh and Washington before the November 8 midterm elections.

In a note to investors, the predominantly state-owned oil company said its average barrel of crude sold for USD 101.70 in the third quarter — up from USD 72.80 at the same point last year. It put its profits so far in 2022 at USD 130.3 billion, compared to USD 77.6 billion in 2021.

“While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world’s need for more affordable and reliable energy,” Aramco CEO Amin H. Nasser said in a statement.

Benchmark Brent crude traded just shy of USD 95 a barrel Tuesday. The sliver of Aramco that the kingdom has put on Riyadh’s Tadawul stock market stood at USD 9.29 a share before trading Tuesday — putting its valuation at just over USD 2 trillion.

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