Saudi Aramco continues to reap big profits
The Saudi oil giant has been investing in futuristic technology as it benefits from high oil prices.
Saudi Arabia’s state-owned oil company took in tens of billions of dollars in profit this quarter.
Aramco said today that its net income for the third quarter of 2022 was $42.4 billion. This was compared to $39.5 billion in the first quarter and $48.4 billion in the second. In the third quarter of 2021, Aramco’s profits were $30.4 billion, according to a press release.
Why it matters: Oil prices have been relatively high for much of the year. The price of Brent crude oil, considered the global benchmark, began climbing toward $100 a barrel in January as the world recovered from the COVID-19 pandemic. Then prices shot above $100 a barrel in March in response to the Russian invasion of Ukraine.
Brent crude prices have been up and down since then but haven’t gone below $80 a barrel, according to market data.
