Oil: Saudi Aramco profit jumps 158% in third quarter

Saudi Aramco, the world's largest exporter of crude, saw its net profit jump 158% in the third quarter.

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After the crisis in the oil sector due to the pandemic, Saudi Aramco, the world's largest crude exporter, saw its net profit jump 158% in the third quarter.

This is good news despite the obstacles hampering the global economic recovery. 

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The Saudi giant made a net profit of $ 30.4 billion, up from just under $ 12 billion at the same time last year.

A boon for shareholders who pocket nearly $ 19 billion in dividends.

This jump in net profit is mainly due "

 " says Aramco.

Its CEO, Amin Nasser, is optimistic about energy demand, despite "

" that are slowing the recovery, including "

." 

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Go to 13 million barrels per day in 2027

The group, listed for two years on the Riyadh Stock Exchange, continues its momentum after seeing its net profit fall by 44% last year, before gradually recovering.

30% in the first trimester, then 288% in the second.

He even raised $ 6 billion just after launching his first sale of Islamic dollar-denominated bonds.

True cash cow of the kingdom, Aramco now aims to increase its production capacity from 12 to 13 million barrels per day in 2027.

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• Oil

• Economic crisis

• Energies

• Saudi Arabia