Saudi Aramco has posted the highest quarterly profit by any listed firm ever with the Q2 figure of $48.4bn almost twice the year ago level (see chart 1). The record profits were driven by “higher crude oil prices and volumes sold, as well as strong refining margins,” the firm said in its Q2 results on 14 August.

Aramco’s average Q2 realized crude price of $113.2/B was by some distance the highest figure since the firm’s 2019 flotation, whilst crude output and exports have ramped up as Opec+ output restrictions have eased – Aramco’s Q2 output figure of 13.6mn boe/d is up 2mn boe/d on a year earlier for the highest quarterly figure since 2018 (MEES, 19 August). (CONTINUED - 1465 WORDS)