Bolstered by the surge in oil prices and the increased demand as the COVID pandemic eases, the world’s largest oil company, Saudi Aramco, has become the world’s most profitable company in Q3 od 2021 on Sunday after reporting $30.4 billion net income, beating other listed energy companies like ExxonMobil and Shell as well as tech giants such as Apple, Google and Amazon.
After the company’s profits plunged dramatically due to slammed oil prices during the global coronavirus lockdowns, Saudi Arabia’s majority state-owned oil giant reported that its net income increased by 158% to $30.4 billion from $11.8 billion during the same three-month period a year earlier.
The increase in its sales during the same period was 80 percent, amounting to $96 billion.
Aramco’s earnings came in the light of the global loosening COVID restrictions and the tightening of gas supplies that have pushed prices of crude sharply higher with the price of international benchmark Brent crude trading at over $83 a barrel on Sunday.
The production cuts made by the OPEC+ helped the crude prices and Aramco has gradually started – as consumption picks up – adding barrels back to the market, announcing 400.000 more bpd to be pumped a day each month through December.
Their plan also envisages increasing the Saudi Arabia’s 11 million barrels limit to 11.5 million in 2022.
Stressing their hopes that the energy demand will remain healthy for the foreseeable future, Aramco CEO Amin Nasser pointed that the company’s exceptional Q3 results stem from the increased economic activity in key markets and a rebound in energy demand.
He also underlined Aramco’s commitment to its long term strategy to advance it recently announced ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across all operated assets by 2050.
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