Saudi Arabia’s state oil company Aramco announced on Tuesday, 12 Aban that its net profit in the third quarter rose by 34.5% despite attacks on its facilities. Reuters said the main reason was higher revenues and Aramco’s exit from a joint venture.
The world’s largest oil exporter reported net profit for the three months ending on September 30 of $36.25 billion, compared with $26.9 billion in the same period last year and $32.7 billion in the second quarter. Adjusted net revenue was about $31.2 billion and beat the average estimates.
The war between the United States and the Islamic Republic has reduced Aramco’s production, but higher oil prices have offset the drop in volume.
Aramco exports its crude oil from both eastern terminals in the Persian Gulf and western terminals in the Red Sea, via the east-to-west pipeline. Aramco CEO Amin Nasser has called the pipeline a “vital artery.” After the outbreak of the war in Esfand, the pipeline increased its flow, and it was targeted several times during the war.
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