Saudi Aramco reports soaring profits amid global energy turmoil
Saudi Aramco reported a net profit of 120.13 billion Saudi riyals ($32.5bn) for the first quarter of 2026, marking a 25.5 percent increase from the 95.68 billion riyals ($25.4bn) recorded during the same period last year.
The Saudi oil giant said sales rose to $114.9bn from $107.6bn a year earlier, while cash flow reached $30.7bn.
The company attributed much of the improved performance to stronger sales and the full utilisation of its East-West Crude Oil Pipeline, which bypasses the Strait of Hormuz by transporting oil to the Red Sea.
Chief executive Amin Nasser said the pipeline, operating at its maximum capacity of 7 million barrels per day, had become “a critical supply artery” helping ease the effects of shipping disruptions linked to regional conflict.
“Recent events have clearly demonstrated the vital contribution of oil and gas to energy security and the global economy,” Nasser said.
Saudi Aramco CEO Amin Nasser appears on screen during Future Investment Initiative in Riyadh, 29 October 2024. (Hamad I Mohammed/Reuters)