The largest oil exporter in the world, Saudi Aramco, surpassed market predictions with a 25% increase in first-quarter earnings on Sunday, reporting net income of $32.5 billion (€27.6 billion) for the three months ending March 31.
According to the corporation, fewer operational costs and increased revenue and sales-related income were the primary drivers of the growth. Additionally, a $21.9 billion (€18.6 billion) quarterly dividend was approved by its board.
Although declining sales volumes of crude oil and refined and chemical products partially offset this, revenue increased due in part to rising fuel and crude oil prices.
The worldwide standard, Brent crude, was trading at $103 per barrel on Monday morning. Prices are still much higher than the around $70 per barrel observed in late February prior to the start of the war, even though they are below the peak of almost $126 reached during the crisis. One of the most crucial maritime lanes for global energy exports, the Strait of Hormuz, has experienced disruptions due to the Iran War.
Large amounts of natural gas, fertilizer, and other petroleum products, as well as about 20% of the world’s traded oil, passed through the strait every day prior to the war.
Following attacks by the US and Israel on February 28, Iran essentially seized control of the waterway, and a US naval blockade implemented last month made shipping across the region even more difficult.
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