Saudi Aramco sees third-quarter income rise to $30.4 billion

By ISABEL DEBRE
Associated Press

DUBAI, United Arab Emirates (AP) — The world’s largest oil company, Saudi Aramco, has reported $30.4 billion in third-quarter net income, bolstered by a surge in oil prices and recovery in demand as the coronavirus pandemic eases. Saudi Arabia’s majority state-owned oil giant Aramco said Sunday its net income rose by 158% from $11.8 billion during the same period a year earlier. The results came as the global loosening of virus-induced restrictions, tightening of gas supplies and acceleration of vaccination campaigns have pushed prices of crude sharply higher. Aramco’s CEO described the company’s third-quarter results as exceptional and a result of “increased economic activity in key markets and a rebound in energy demand.”