By Franyi Sarmiento, Inspenet, November 8, 2021.
The largest oil producing company in the world, Saudi Arabian Oil Co (Saudi Aramco) doubled its profits during the first semester, reaching 47,180 million dollars, which is equivalent to 103% more than the 23,230 recorded between January and June 2020, thanks to the recovery in demand and crude oil prices, according to a company statement.
The results of this second quarter are also positive, since they increased by 288%, amounting to 25,500 million dollars, higher than the 6,600 million obtained between April and June 2020, when the oil economy was going through the beginning of the coronavirus pandemic. coronavirus.
“The increase in both periods was mainly due to higher crude oil prices, better margins and the consolidation of the results of (petrochemical company) Sabic, partially offset by lower oil volumes sold and higher crude oil production royalties. Aramco said.
The company also attributed these results to the recovery in global demand, driven “by the global relaxation of covid-19 restrictions, vaccination campaigns, stimulus measures and the acceleration of activity in key markets.”
The value of crude oil was around 50 dollars a barrel and is currently around 70 dollars thanks to the economic recovery and the cut in production agreed by OPEC+ (an alliance of members of the Organization of Petroleum Exporting Countries, Russia and other producing countries). The Saudi oil company Aramco assured that during the second quarter of this year its total production of hydrocarbons reached an average of 11.7 million barrels per day.
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