Rising oil prices have led to big profits for Saudi Aramco. Saudi Arabia’s state oil company reported a 90% jump in second-quarter profit on Sunday, beating analysts’ expectations. In addition to higher oil prices, earnings rose with the help of sales volume and refining margins. The company expects “oil demand to continue to grow for the rest of the decade, despite downward economic pressures on the near-term global outlook,” Aramco Chief Executive Amin Nasser said in the earnings report. An oil tank is seen at the Saudi Aramco headquarters during a media tour in the city of Dammam. (REUTERS/Ali Jarekji/Reuters Photos) Aramco’s net profit for the quarter rose to $48.39 billion, beating expectations for $46.2 billion, according to the average estimate of 15 analysts. SAUDI OIL GIANT ARAMCO’S Q1 PROFITS UP 80% It declared a dividend of $18.8 billion in the quarter, which will be paid in the third quarter. Saudi Aramco logo on display at the 20th Middle East Oil & Gas Exhibition and Conference. (REUTERS/Hamad I Mohammed/File Photo/Reuters Photos) Aramco joins other major oil companies that have reported strong results in recent weeks. ARAMCO’s profits reach 110 BILLION. A man walks past a Saudi Aramco compound. (AP Photo/Amr Nabil/Associated Press) On July 29, Exxon Mobil Corp posted its biggest quarterly profit ever, a net profit of $17.9 billion. CLICK HERE TO READ MORE ABOUT FOX BUSINESS Aramco shares have risen more than 25 percent this year as oil and gas prices have climbed to multi-year highs after Western sanctions against Russia’s major exporter squeezed an already undersupplied global market. Reuters contributed to this report.
