Aug 15, 2022 - Economy

Saudi Aramco posts record quarter for profitability

Cranes operate at the construction site of a new building project at the Saudi Aramco oil company's compound in Dhahran, Saudi Arab

Photo: Simon Dawson/Bloomberg via Getty Images

Oil giants have made huge profits this year as prices and demand have soared.

Driving the news: Saudi Aramco, the world's largest oil company, yesterday reported a 90% increase in second quarter profits from last year, to $48.4 billion.

Why it matters: The war in Ukraine limited oil and gas supply from Russia, accelerating energy prices that were already on the rise as global economies recovered from the depth of the pandemic.

What to watch: Aramco says it expects oil demand to continue to grow through 2030, despite current economic pressures.

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