Saudi Aramco earnings surge on higher oil output and prices
Now Reading
Saudi Aramco earnings surge on higher oil output and prices

Saudi Aramco earnings surge on higher oil output and prices

The world’s biggest crude producer’s third-quarter profit climbed to $30.4bn

Saudi Aramco’s earnings soared as oil prices and production climbed, allowing the company to easily cover its quarterly dividend of $18.75bn with free cash flow.

The world’s biggest crude producer’s third-quarter profit climbed to SAR114.1bn ($30.4bn) from SAR44.2bn year ago. Free cash flow was $28.7bn.

Aramco and its Big Oil rivals have benefited from the global economic recovery, which has helped push up crude prices by about 65 per cent this year to more than $80 a barrel.

The state-controlled firm was also helped by higher output after Saudi Arabia ended unilateral supply cuts implemented as part of an OPEC+ deal earlier this year. The kingdom’s crude production averaged 9.6 million barrels a day between July and September, up from 8.5 million in the second quarter.

Aramco’s annual dividend of $75bn, the world’s largest, is a crucial source of funding for Saudi Arabia. The government, which owns 98 per cent of the stock, is trying to narrow a budget deficit that ballooned last year as energy prices tanked with the spread of the coronavirus.

You might also like

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top