The world’s oil giants are bouncing back, aided by accelerating economies in crucial markets.
Saudi Aramco, the world’s largest oil company, reported a nearly fourfold rise in second-quarter net profit on Sunday, bolstered by higher oil prices and a recovery in oil demand. Aramco said its results, which topped analyst forecasts, were supported by the global easing of Covid-19 restrictions, vaccination campaigns, stimulus measures and accelerating economic activity in key markets. Aramco’s net profit rose to 95.47 billion riyals ($25.46 billion) for the quarter ending June 30, from 24.62 billion riyals a year earlier. Analysts had expected a net profit of $23.2 billion, according to the mean estimate from five analysts.
