Saudi Aramco has broken its quarterly profit record set in May, as soaring energy prices driven by Russia’s invasion of Ukraine deliver windfalls to oil producers.But the state-controlled company’s chief executive warned that spare capacity remained limited as demand was increasing, with pandemic restrictions expected to ease in China, the world’s second-largest oil consumer.
Net income rose to $48.4bn in the second quarter, a 90 per cent year-on-year increase and the group’s highest earnings since listing in 2019.
The Saudi oil company kept its dividend unchanged at $18.8bn for the third quarter as it worked to expand oil and gas production. The company said it had limited production capacity to increase output and by 2025 would hit 12.3mn barrels per day.