On Sunday, Saudi energy company Aramco said its profits soared 90 percent in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion. Other major oil companies had a strong quarter with Exxon Mobil booking an unprecedented $17.85 billion profit as Chevron made a record $11.62 billion.
Earnings for just this past quarter are close to Aramco’s full-year profits in 2020 when oil demand crashed during pandemic lockdowns. Saudi Arabia’s vast oil reserves are among the cheapest to produce in the world.
The increase is a surplus for the kingdom and the crown prince’s spending power as people around the world pay higher gas prices at the pump while energy companies rake in top profits.
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