Saudi Aramco records highest quarterly profit

Big surge: Aramco engineers at the Hawiyah Natural Gas Liquids Recovery Plant in Saudi Arabia. The company’s half-year profits peaked for the first half of the year as oil prices remain high globally. — AP

DUBAI: State oil giant Saudi Aramco reported its highest quarterly profit since the company went public in 2019, boosted by higher oil prices and refining margins.

Aramco joins oil majors such as Exxon Mobil Corp and BP that have reported strong or record breaking results in recent weeks after Western sanctions against major exporter Russia squeezed an already under-supplied global market causing a surge in crude and natural gas prices.