As oil prices soar during the energy crisis, Saudi Arabia's state-owned oil company, Saudi Aramco, has posted a record quarterly profit.
The earnings report for Saudi Arabia's state oil and gas company was published on Sunday. From the same period last year, that's up from $25.5 billion, and above analyst expectations for $46.2 billion.
During a global energy crisis that has been intensified by western sanctions imposed on Russia over its invasion of Ukraine, Saudi Arabia's state-owned oil company, Aramco, has benefited. In the first two years of the 21st century, the price ofBrent crude has increased more than the price ofWTI crude.
The CEO of the state-owned energy major said he doesn't expect oil demand to fall despite the risk of a recession.
"Our record second-quarter results reflect increased demand for our products, particularly as a low-cost producer with one of the lowest upstream carbon intensities in the industry," he said.
Despite the economic pressures on short-term global forecasts, we expect oil demand to grow for the rest of the decade.
The IEA lifted its global oil demand forecast last week due to rising natural gas and electricity prices.
The profit for the first three months of this year was more than double that of the previous record set in the first three months of the previous year As it invests in expanding production, the dividend was not changed.
The second-quarter net income for the five largest Western oil companies was almost identical. A group of companies made over $50 billion over the same period.
The energy crisis and record-breaking profits of those companies have caused some criticism.
The UK Labour Party wants to extend a windfall tax to oil and gas companies after they posted record-breaking profits.
On Monday, the company's stock rose 2.38% to 40.80.
Energy traders are making a killing exporting US natural gas to Europe as prices soar.
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