The Saudi state-backed oil company Aramco has reported a large increase in profits following a rough year for the industry.
For the first half of this year, Aramco generated a net income of approximately $47 billion, which is more than double its earnings of $23.3 billion for the same time frame in 2020, when the COVID-19 pandemic hit the world and sent the demand for oil tumbling. The difference is even starker when looking at the second quarter alone, with profits rising from just $6.6 billion last year to $25.46 billion this year.
Aramaco, which is the largest oil company in the world, joins other oil majors like Shell and BP, the maker of Castrol oil and grease, in returning to pre-pandemic levels of profitability thanks to the rebound in oil prices.
Aramco’s President and Chief Executive Officer, Amin H. Nasser, said in a press release that the company’s results reflected a recovery in the global demand for energy, adding:
“We are heading into the second half of 2021 more resilient and more flexible, as the global recovery gains momentum. While there is still some uncertainty around the challenges posed by COVID-19 variants, we have shown that we can adapt swiftly and effectively to changing market conditions.”
Nasser also said the company continues to progress in various strategic programmes focused on low-carbon fuel and other aspects of sustainability. He said that, combined with optimising asset values and integrating and expanding downstream operations, this made him feel upbeat about the company’s future, both for the rest of this year and beyond.