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Saudi Aramco logs 39 percent jump in third-quarter profits

The energy giant's net income totalled $42.4 billion — up from $30.4 billion during the same period last year — and was "primarily driven by higher crude oil prices and volumes sold".

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Aramco's latest financial results were published just days before the COP27 climate summit aimed at curbing global warming.

Saudi Aramco has posted a 39-percent jump in third-quarter profits year on year boosted by higher oil prices resulting largely from Russia's attack on Ukraine.

Tuesday's announcement came as the OPEC+ cartel of oil producers was set to implement production cuts that have drawn the ire of the United States, which says the move — approved at a meeting last month — amounts to "aligning with Russia" in the conflict.

The energy giant's net income totalled $42.4 billion — up from $30.4 billion during the same period last year — and was "primarily driven by higher crude oil prices and volumes sold", it said in a filing with the Saudi stock exchange.

CEO Amin Nasser touted the firm's "strong earnings and record free cash flow" of $45 billion, up from $28.7 billion at this time last year.

"While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world's need for more affordable and reliable energy," he said in a statement.

Aramco's latest financial results were published just days before the COP27 climate summit aimed at curbing global warming.

Last year, ahead of the COP26 climate-change summit, Saudi Arabia pledged to achieve net zero carbon emissions by 2060, sparking scepticism from environmental campaigners.

Saudi Aramco, for its part, has pledged to achieve "operational net-zero" carbon emissions by 2050.

That applies to emissions that are produced directly by Aramco's industrial sites, but not the CO2 produced when clients burn Saudi oil in their cars, power plants and furnaces.

Saudi officials have lately stressed the need for more investment in the sector, arguing that focusing on climate crisis at the expense of energy security would further fuel inflation and other economic woes.

SOURCE: AFP