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Oil: rising prices boost Saudi giant Aramco’s net profit

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Saudi Arabian oil giant Saudi Aramco saw its net profit rise by 158% in the third quarter of 2021, thanks in part to the rebound in oil prices and demand.

Saudi Arabia’s state-owned company, the world’s largest crude exporter, announced in a statement on Sunday a net profit of $30.4 billion (about €26.3 billion) compared with $11.8 billion (about €10.2 billion) in the third quarter of 2020.

This is Aramco’s largest net profit since its listing on the Riyadh Stock Exchange in December 2019.

The company also announced that it paid $18.8bn (€16.3bn) in dividends to its shareholders.

“The increase in net profit was mainly due to higher crude prices and volumes sold,” the statement said.

Despite obstacles to global economic recovery, Saudi Aramco CEO Amin Nasser, quoted in the statement, said he was “optimistic” about energy demand.

“The global economy continues to face headwinds, due in part to supply chain bottlenecks, but we are optimistic about energy demand,” he said.

Mr Nasser also welcomed the third quarter results, calling them “outstanding”.

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