Saudi Aramco said Q1 profit rose 25% as the Iran war disrupted global oil supplies and pushed up prices. The company shifted some exports away from the Strait of Hormuz via its East-West Pipeline, which is now operating at full capacity.
Aramco says its East-West pipeline has helped to mitigate the energy shock caused by the Iran war.
Saudi Arabia’s state oil company’s profits up 26% to £26.9bn in first three months of yearBusiness live – latest updatesSaudi Arabia’s state oil company reported a 26% jump in profits in its first quarter as its east-west pipeline allowed it to ship millions of barrels of oil out of the Gulf despite conflict in the Middle East.Profits at Saudi Aramco hit $33.6bn (£26.9bn) in the first three months of the year, while revenue rose nearly 7% compared with a year earlier to $115.5bn. Continue reading...
Saudi Arabia’s state oil company hit £26.9bn profit – a 26% rise – in the first three months of the yearBusiness live – latest updatesSaudi Arabia’s state oil company reported a 26% jump in profit in its first quarter, as its east-west pipeline allowed it to ship millions of oil barrels out of the Gulf despite conflict in the Middle East.Profits at Saudi Aramco hit $33.6bn (£26.9bn) in the first three months of the year, while revenue rose nearly 7% compared with a year earlier to $115.5bn. Continue reading...
Aramco says its East-West pipeline has helped to mitigate the energy shock caused by the Iran war.
