Aramco Second-Quarter Net Profit Rises 44% to $32.69 Billion
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RIYADH, August 4 (Saudi Arabia Breaking News) — Saudi Aramco reported a 44% increase in second-quarter net profit on Tuesday, supported by higher prices for crude oil, refined products and chemicals amid disruptions to regional shipping routes.
Net profit reached $32.69 billion in the three months ended June 30, up from $22.67 billion a year earlier. Aramco rerouted shipments away from the Strait of Hormuz and maintained a supply reliability rate of 98.4% during the quarter.
“Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain continuity by capitalizing on our diverse asset base and multi-decade planning,” CEO Amin Nasser said, citing the East-West Pipeline, Aramco’s storage capacity and its export terminals.
Nasser said the world had lost more than 2.6 billion barrels of oil intended for industries including agriculture, semiconductors, automotive, chemicals and manufacturing. Even if the Strait of Hormuz reopened immediately, depleted inventories would take up to 18 months to replenish at an average rate of 2.1 million barrels per day, he added.
“As we look ahead to the rest of 2026 and beyond, we remain concerned that the continued disruption via the Strait of Hormuz and the threat to shipping through the Bab el-Manded Strait could have a significant long-term impact on the world economy,” Nasser said during a call with analysts.
Aramco has increased exports through the East-West Pipeline to the Red Sea port of Yanbu since the U.S.-Israeli war with Iran disrupted energy markets. Iran-aligned Houthi forces announced a blockade of Saudi Arabia’s oil industry in the Red Sea in July, placing the alternative route and Saudi export terminals under threat and adding pressure to oil prices.
Source: Reuters
