Saudi Arabia’s state-owned energy corporation, Saudi Aramco, has highlighted the huge earnings made by gas and oil-rich nations during the energy crisis after reporting revenues of $48.4 billion in the third quarter, up 90% from $25.5 billion a year earlier.
Saudi Aramco is just the latest in a long line of oil giants to announce bumper profits this year, according to TradingPlatforms.com, the education and comparison platform for online traders.
“ExxonMobil’s profit, for example, came to $17.6 billion in the second quarter, excluding special items. The company, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia’s invasion of Ukraine,” said the author of the report, Edith Reads.
“It is clear that the energy crisis is benefiting the oil-rich nations and those companies involved in extracting and selling fossil fuels. The high prices may be a cause for concern for consumers, but for now, it seems that the energy producers are reaping the rewards,” said Reads.
Aramco is the latest oil producer to benefit from these high prices.
Some other energy giants have also seen their profits surge this year. Chevron, ExxonMobil and Royal Dutch Shell saw their profits more than double in the second quarter of this year.
These record profits are a testament to the resilience of the oil industry. Despite concerns about climate change and the rise of renewable energy, the oil industry continues to thrive thanks to high energy prices.
Paris Climate Agreement
Aramco’s substantial profits come as the world seeks to reduce its reliance on fossil fuels. The Paris climate agreement, signed by nearly 200 nations, calls for a reduction in greenhouse gas emissions to combat climate change.
However, it remains to be seen how successful the world will be in reducing its reliance on fossil fuels. For now, it seems that the oil industry is still going strong, thanks to high energy prices.