Earnings nearly tripled, showing that oil retains a large role in the global economy despite climate change concerns.
Saudi Aramco, the world’s largest oil company, said Sunday that its profits for the third quarter nearly tripled compared with the period a year earlier, as demand for the fuel recovers from the pandemic and prices soar. Aramco, Saudi Arabia’s national oil company, said that net income was $30.4 billion for the July-to-September period, up from $11.8 billion a year ago when demand for oil collapsed and prices tumbled. The huge profits are largely a reflection of rapid increases in oil prices. Aramco’s statement did not give full financial details, but it is likely to have received about $70 a barrel on average for its oil in the quarter compared with $43.60 a barrel in the same period in 2020.
