04 May, 2021 10:30 am

Saudi Aramco Q1 profits jump 30pc on oil market recovery

Saudi Aramco Q1 profits jump 30pc on oil market recovery
RIYADH, May 4 — Energy giant Saudi Aramco today posted a 30 per cent jump in first quarter profits, beating forecasts in a sign of recovery from last year’s oil market crash fuelled by the coronavirus pandemic. Aramco said its net profit rose to US$21.7 billion in the first three months of the...

” Oil prices tumbled midway through last year’s first quarter as the pandemic shuttered large parts of the global economy, piling pressure on petro-states including OPEC kingpin Saudi Arabia.The strong earnings provide relief to Aramco, Saudi Arabia’s cash cow, which has revealed consecutive falls in profits since it began disclosing earnings in 2019.Saudi Arabia is currently seeking to monetise its energy assets, as it explores new revenue streams to fund its ambitious diversification drive.But with the rise of Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler, who is accelerating efforts to implement his “Vision 2030” reform programme, the kingdom has shown readiness to cede some control.

In late April, Prince Mohammed said Saudi Arabia, the world’s top crude exporter, was in talks to sell one per cent of Aramco to an unnamed foreign energy firm.In a major new diversification push in March, Saudi Arabia announced plans to pump investments worth US$3.

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