Aramco introduced favorable income at present for the primary quarter of 2021. The figures represent a bounce again for the Saudi state-owned oil producer following monetary struggles final 12 months as a result of coronavirus pandemic.
Aramco had internet earnings of $21.7 billion throughout the first three months of 2021 — 30% greater than the identical interval final 12 months. Aramco additionally paid the state its quarterly divided of $18.eight billion, the corporate mentioned in a press launch.
The revenue improve coincides with the restoration of the worldwide oil market. The worth of Brent crude, which is the worldwide benchmark for oil costs, traded beneath $10 at one level final 12 months amid the COVID-19 pandemic and a Saudi-Russian worth battle. Prices have since recovered and are actually above pre-coronavirus ranges as nations open up. The worth of Brent crude was round $69 a barrel Tuesday.
Aramco President and CEO Amin Nasser mentioned the improved world economic system lay behind the corporate’s success. “The momentum provided by the global economic recovery has strengthened energy markets,” Amin Nasser said in the release.
The vast majority of Aramco is state-owned, but 1.7% of the company is available on the Saudi stock exchange.
The oil giant’s situation is not totally rosy this year, however. Houthi rebels in neighboring Yemen have attacked Aramco services quite a few occasions in latest months resulting from Saudi help for the Yemeni authorities within the civil battle.