Saudi Aramco, the giant oil producer, said on Sunday that its second-quarter profit jumped 90 percent over the same period a year ago The surge in the price of oil resulted in bumper earnings for it.
Increased demand for crude and higher refining profits were reflected in the earnings of Aramco. Demand for oil will grow through the rest of the decade according to the company.
The growing need for energy has helped the company as economic activity across the globe has picked up after the coronaviruses scare.
The price of oil went up after Russia invaded Ukraine.
The price of crude oil rose more than 36 percent from February to June as a result of sanctions against Russia. Huge profits have been recorded by major oil companies in the last few weeks.
The average price of a gallon of gas in the United States went above $5 for the first time.
The price of oil has fallen since June and gas has fallen below $4 a gallon in the US. There are growing concerns that major oil producers are nearing a limit in how much they can produce because of the high prices.
In the company's statement, the CEO seemed to address those concerns.
The first half of this year supports our view that investment in our industry is essential.
He said that the capital investment program was the largest in the company's history. He said that their approach was to invest in the reliable energy and petrochemicals the world needed.
The dividends for the third quarter will be unchanged from the previous quarter. Most of the money will go to the Saudi government, which has a market value of over $2 trillion.
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