The $48bn figure from world’s biggest oil firm is thought to be one of largest quarterly profits in history
Aramco said the results reflected “increasing demand” and the fact that its costs have remained low. Aramco has a particularly low cost of production, given that much of its oil is sourced from easy-to-tap fields onshore or in shallow waters, helping to boost profitability.
The increase in demand comes as western governments try to wean themselves off Russian energy supplies in order to put further political and economic pressure on Moscow over its invasion of Ukraine. Nato allies have been trying to find other sources for energy, creating further demand for oil from other suppliers including Saudi Arabia.
Soaring demand for oil has also contributed to phenomenal profits for a number of oil producers, including BP and Shell.Shell last month revealed that it made almost £10bn in profit between April and June, a record for the FTSE 100 firm. Meanwhile, BP’s profits tripled to almost £7bn in the second quarter, prompting it to give billions of pounds to shareholders.caused inflation to soar
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Winning bets? Meme stock frenzy of 2021 makes a returnShare prices soar for troubled retailers including Bed Bath & Beyond and AMC – but this time dueling hedge funds are playing a part
Read more »
Natalie has cut her energy use to the bare minimum. But her bill is increasing anywayEven energy-conscious consumers who have reduced their power usage are being slugged with higher bills thanks to rising fixed daily charges.
Read more »
Renewable energy projects are taking off in Victoria, but where is the workforce?When key figures in Australia's renewable energy industry met in Victoria last week, finding and training up the future clean energy workforce was top of the agenda.
Read more »
Vanuatu, one of the most climate-vulnerable countries, launches ambitious climate planThe Pacific country has committed to 100% renewable energy in electricity generation by 2030
Read more »
Vanuatu, one of the most climate-vulnerable countries, launches ambitious climate planThe Pacific country has committed to 100% renewable energy in electricity generation by 2030
Read more »
Vanuatu, one of the most climate-vulnerable countries, launches ambitious climate planThe Pacific country has committed to 100% renewable energy in electricity generation by 2030
Read more »