The profits of Saudi Arabia’s energy giant Aramco have almost quadrupled due to an increase in oil prices and recovering demand

The profits of Saudi Arabia’s energy giant Aramco have almost quadrupled due to an increase in oil prices and recovering demand.

According to the company, the results have been supported by the removal of Covid restrictions, vaccinations and stimulus measures, as well as the return of economic activity.

Since the beginning of the year, crude oil prices have increased by more than 30{7a657f69ddfd62c7943f8c823de7e9cbec4dca2c41d743db19700e0cca7a3e87}.

The chief executive of Aramco also offered a positive assessment for 2021.

The company, the world’s largest oil producer, reported that net income increased by 288{7a657f69ddfd62c7943f8c823de7e9cbec4dca2c41d743db19700e0cca7a3e87} to $25.5bn (PS18.4bn), in the second quarter.

Amin Nasser, a statement read, stated that “our second quarter results reflect an impressive rebound in global energy demand” and that they are more resilient and flexible heading into the second-half of 2021 as the global recovery gains momentum.

Aramco is the latest major oil and gas company to announce strong results in recent weeks.

Exxon Mobil, the US energy giant, reported a $4.7bn increase in income in the second quarter compared with a loss in the same period last years.

Royal Dutch Shell, a European rival, reported the highest quarterly profit in over two years.

Global demand is rising as economies ease Covid restrictions and open up, which in turn has a positive impact on oil prices.

Brent crude oil has been increased to $70 per barrel by the Organization of the Petroleum Exporting Countries (OPEC+) and its allies. This is in response to the Organization of the Petroleum Exporting Countries’ (OPEC+) agreement to reduce oil production.

However, drivers will feel the impact of higher crude oil prices on their fuel costs.

The RAC, a UK motoring organization, stated last week that petrol prices in the country were at an eight year high after nine consecutive months of increases.

Simon Williams, spokesperson for RAC fuel, stated that prices are moving in one direction at the moment.