Aramco earns almost 88,000 million dollars in 6 months

DUBAI, United Arab Emirates (AP) — Saudi oil company Aramco’s profits hit nearly $88 billion in the first half of the year as crude prices remained high around the world, the company said Tuesday.

The oil and gas firm, which is almost entirely state-owned, reported a 90% increase in the second quarter of 2022, compared to the same period a year earlier.

The results hit a new quarterly record for the firm since it put about 5% of the company up for sale on the Saudi stock market in late 2019. Aramco said the gains were mainly due to higher crude prices and higher sales volume, as well as higher refining margins.

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