Saudi Aramco continues to adroitly navigate the unprecedented challenges caused by the Middle East conflict, generating profits of $33bn last quarter (see table). Despite total hydrocarbons output dropping by 26% year-on-year (see chart 1) as the effective shutdown of the Strait of Hormuz forced substantial production shut-ins, profits surged by 33% over the same period as Aramco’s operational optionality (MEES, 7 August) enabled it to capitalize on higher commodities prices.