economy
Saudi Aramco profits jump 33% in second quarter as Iran war squeezes oil supply
The results come as oil supermajors have reported blowout quarterly profits, benefitting from higher fossil fuel prices amid the Iran war.
TL;DR
- Saudi Aramco's second-quarter profit rose 33% year-on-year to $33.4 billion.
- The company utilized its East-West pipeline to bypass the Strait of Hormuz and maintain exports.
- Higher prices of refined and chemical products, and crude oil, primarily drove the revenue increase.
- Exxon Mobil and Chevron also reported substantial profit increases in the same quarter.
- U.S. President Donald Trump criticized oil majors for making 'too much money' due to higher fuel prices.