Saudi Aramco Posts $31.2 Billion Q3 Profit as Iran War Lifts Oil 35%
Updated
Updated · The New York Times · Nov 3
Saudi Aramco Posts $31.2 Billion Q3 Profit as Iran War Lifts Oil 35%
3 articles · Updated · The New York Times · Nov 3
Summary
$31.2 billion in adjusted net income for July-September marked a 9% year-over-year rise for Aramco, despite attacks on Saudi pipelines, refineries and other energy facilities.
A $95 average crude price—up 35% from a year earlier—drove the gain, while Aramco said it kept exports flowing through the Strait of Hormuz disruptions and restored damaged assets quickly.
September's strike on the 750-mile East-West pipeline briefly threatened a major export route, but the line returned within a week and was carrying about 6 million barrels a day weeks later.
Saudi Arabia is now planning to expand that pipeline's capacity to as much as 10 million barrels a day and is seeking more overseas storage and alternative export routes.
Aramco's results extend a broader oil-industry windfall from the nine-month Iran war, which has tightened global supply and pushed up fuel costs for consumers.