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Saudi Aramco Profits Nearly Triple as Oil Prices Rise

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Saudi Aramco, the world’s largest oil company, said Sunday that its profits for the third quarter nearly tripled compared with the period a year earlier, as demand for the fuel recovers from the pandemic and prices soar.Aramco, Saudi Arabia’s national oil company, said that net income was $30.4 billion for the July-to-September period, up from $11.8 billion a year ago when demand for oil collapsed and prices tumbled. The huge profits are largely a reflection of rapid increases in oil prices. Aramco’s statement did not give full financial details, but it is likely to have received about $70 a barrel on average for its oil in the quarter compared with $43.60 a barrel in the same period in 2020.Saudi Arabia and other oil-producing countries cut o …

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