Saudi Aramco’s profits already $88B as oil prices stay high

DUBAI, United Arab Emirates (AP) — Saudi oil company Aramco’s half-year profits peaked just shy of $88 billion for the first half of the year as oil prices remain high globally. The oil and gas company, which is nearly entirely state-owned, said Sunday it also saw a 90% surge in net profits for the second quarter of 2022 compared to the same time last year. Aramco said the results set a new quarterly earnings record for the company since it floated around 5% of the company on the Saudi stock market in late 2019. Aramco said the profits were driven primarily by higher crude oil prices and volumes sold, and higher refining margins.