Aramco Q2 profit soars on higher prices, demand recovery

Aramco said its results were supported by the global easing of Covid-19 restrictions, vaccination campaigns, stimulus measures and accelerating economic activity in key markets. Aramco joins other oil majors who have reported strong results in recent weeks.

DUBAI: Saudi Arabian state oil producer Aramco reported a near four-fold rise in second-quarter net profit yesterday, beating expectations and boosted by higher oil prices and a recovery in oil demand.

Aramco said its results were supported by the global easing of Covid-19 restrictions, vaccination campaigns, stimulus measures and accelerating economic activity in key markets.