The Strategist

Profits of Saudi oil giant soar by 300%

08/11/2021 - 07:43

Profits at Saudi oil giant Saudi Aramco soared nearly 300 percent in the second quarter of this year. The company said the easing of coronavirus restrictions, vaccinations, incentives and a return to economic activity helped it earn four times as much as a year ago, writes BBC.

Oil prices have risen more than 30 percent since the beginning of the year. Aramco, the world's largest oil producer, reported that its net income rose to $25.5 billion in the second quarter.

Such results did not please anti-climate change campaigners. They called Aramco the world's largest corporate source of greenhouse gas emissions. By some estimates, it has accounted for more than four percent of global emissions since 1965.

Last month, U.S. energy giant Exxon Mobil reported a $4.7 billion increase in revenues in the second quarter, compared with a one billion dollar loss in the same period last year. European rival Royal Dutch Shell reported its highest quarterly profit in more than two years.

Environmental activists have recently achieved significant victories over oil companies such as Exxon and Chevron, Bloomberg wrote. But some experts believe that the concessions activists have received to limit production by private companies could strengthen state oil companies, which operate less transparently and sometimes with worse environmental performance.