Saudi Aramco posted a record quarterly profit as the world’s most valuable company benefits from surging oil prices following Russia’s invasion of Ukraine
DUBAI—Saudi Aramco posted a record quarterly profit on Sunday, as the world’s most valuable company benefits from surging oil prices followingSaudi Arabian Oil Co., commonly known as Aramco, said its net income surged 82% to $39.5 billion in the first three months of 2022. Last week, it overtook Apple Inc. asAramco’s soaring profits offer an example of how the Ukraine invasion and rising oil prices have boosted the fortunes of petrostates such as Saudi Arabia.
Though the kingdom is trying to diversify away from oil, Aramco remains the engine of its economy. The company pumped an average of 10.2 million barrels a day between January and March, the most of any company in the world.
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