Saudi Aramco: Oil giant tops own record with $48.4bn quarterly profit

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Saudi oil giant Aramco has set a new profit record.

The biggest earnings for the world's largest energy exporter since its public listing three years ago came in the third quarter of this year.

Oil and gas prices have gone up since Russia invaded Ukraine.

Western nations have pledged to curb their dependence on Russia for their energy needs despite it being one of the world's largest exporters.

The Saudi energy giant announced that it would keep its dividends unchanged for the third quarter.

The company said it would continue to expand.

"Events during the first half of this year support our view that ongoing investment in our industry is essential both to help ensure markets remain well supplied and to facilitate an orderly energy transition," he said.

Despite downward economic pressures on short-term global forecasts, we expect oil demand to grow for the rest of the decade.

Before the war in Ukraine, oil prices were going up as economies began to recover from the Covid-19 epidemic.

The world's biggest oil producers have all posted huge earnings this year, leading to calls for governments to impose a windfall tax.

US President Joe Biden said Exxon had made more money than God.