Business
Saudi Aramco Profit Jumps 33% on Higher Crude Prices
Saudi Aramco, the oil-rich kingdom’s moneymaking engine, delivered bumper profits through the first months of the Iran war, despite unprecedented disruptions to its operations.
The key to success: skyrocketing oil prices offset the fewer barrels it was able to sell to the world. Also critical: Aramco used a backup pipeline built during the early 1980s Iran-Iraq war to deliver larger-than-expected amounts of oil to the Red Sea, offsetting the impact of the effective closure of the Strait of Hormuz, where most of its oil and other products formerly transited.
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