Saudi Aramco Posts $33.4 Billion Quarterly Profit as Middle East War Disrupts Exports
Updated
Updated · The New York Times · Aug 4
Saudi Aramco Posts $33.4 Billion Quarterly Profit as Middle East War Disrupts Exports
3 articles · Updated · The New York Times · Aug 4
Summary
$33.4 billion in adjusted net income for April-June marked a 33% jump from $25.2 billion a year earlier, giving Saudi Aramco one of its strongest quarters since 2022.
Higher oil prices fueled the surge after the Feb. 28 U.S.-Israeli strikes on Iran and Tehran's effective shutdown of vessel traffic through the Strait of Hormuz.
More than 70% of Saudi oil was rerouted through an east-west pipeline to Red Sea terminals, allowing Aramco to keep exporting millions of barrels a day despite supply-route disruption.
That workaround is under fresh pressure after the Houthis declared a July 20 blockade on Saudi vessels in the Red Sea and claimed attacks on several ships.
The results highlight both the earnings windfall war has delivered to major oil producers and the growing vulnerability of Gulf export routes beyond Hormuz.