Saudi Aramco profits jump despite conflict in Middle East

Saudi Arabia’s state oil company reported a 26% jump in profits in its first quarter as its east-west pipeline allowed it to ship millions of barrels of oil out of the Gulf despite conflict in the Middle East . Profits at Saudi Aramco hit $33.6bn (£26.9bn) in the first three months of the year, while revenue rose nearly 7% compared with a year earlier to $115.5bn. The boost in profits came even as Aramco grappled with attacks on its infrastructure and a halt to exports through its Gulf ports. Amin Nasser, the company’s president and chief executive, said: “Our east-west pipeline, which reached its maximum capacity of 7m barrels of oil per day, has proven itself to be a critical supply artery, helping to mitigate the impact of a global energy shock and providing relief to customers affected by shipping constraints in the strait of Hormuz.” The strait, through which about a fifth of the world’s oil and gas supply normally passes, has in effect been closed since the start of the US-Iran war in late February. Aramco’s east-west pipeline allows it to ship oil from its east coast to the Red Sea port of Yanbu. Disruption in the strait has triggered a spike in global energy prices, with Brent crude – the international benchmark – trading at about $100 a barrel, about 40% higher than before the conflict. …