Oil giant Saudi Aramco says its profits soared more than 80 per cent in the first three months of the year as the state-backed company cashes in on the volatility in global energy markets and soaring oil prices following Russia’s invasion of Ukraine.
Saudi Aramco says the surge was primarily driven by higher crude oil prices and volumes sold and improved downstream margins.
Aramco Chief Executive Amin Nasser says Energy security is vital and we are investing for the long term, expanding their oil and gas production capacity to meet anticipated demand growth.