Oil company profits could break records again this year.
(Photo: Reuters)
Dusseldorf Business couldn’t be better: Saudi Aramco’s first-quarter profit shot up 82 percent to nearly $40 billion. This was announced by the oil company on Sunday. This is the highest surplus since the IPO three years ago.
Hardly anyone is currently benefiting from the high energy prices as much as the oil producers. No wonder the Saudi oil giant Saudi Aramco overtook the technology group Apple as the most valuable company in the world on Wednesday.
On the one hand, Saudi Aramco has benefited from the fact that the oil price has risen by almost half since the beginning of the year. On the other hand, Saudi Arabia, together with other members of the oil cartel Opec+, has increased production significantly. The country produced a fifth more crude oil in the first quarter than in the previous year.
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