Saudi Arabia’s oil-producing crown jewel, Aramco, has announced a net income of around $47 billion for the first half of the year. That is double what it earned in the same period last year when COVID-19 grounded travel and pummeled global demand for oil.
FILE - In this June 28, 2021, file photo, Saudi Aramco engineers and journalists look at the Hawiyah Natural Gas Liquids Recovery Plant, which is designed to process 4.0 billion standard cubic feet per day of sweet gas, a natural gas that does not contain significant amounts of hydrogen sulfide, in Hawiyah, in the Eastern Province of Saudi Arabia. Aramco, announced Sunday, Aug.
This puts Aramco back squarely where it was before the pandemic struck and sunk earnings to $23.3 billion in the first six months of 2020. The majority state-owned oil company said net income for the second quarter was $25.46 billion compared to the dramatic figure of just $6.6 billion last year. This quarter’s figure is slightly higher than the $24.7 billion it earned in the second quarter of 2019, before the coronavirus.
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