|End-of-day quote - 05/10|
Saudi Arabian Oil : Aramco beats forecasts as profit jumps 30 per cent
|05/04/2021 | 05:11am|
State-run oil giant Saudi Aramco beat analysts’ forecasts today as first-quarter net profit rose 30 per cent amid the rise in oil prices.
Crude prices have climbed about a third this year due to recovering fuel demand, helping a host of oil firms post improved results.
“Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming,”
“And while some headwinds still remain, we are well-positioned to meet the world’s growing energy needs as economies start to recover,” he said.
Net income rose to
Oil prices rose higher again today, with Brent crude up a further 1.0 per cent to above
Aramco, which listed in 2019 with the sale of a 1.7 per cent stake mainly to the Saudi public and regional institutions, said earnings were boosted by stronger crude prices and higher refining and chemicals margins, helping offset lower production.
Before the Open: Get the jump on the markets with our early morning newsletter
The OPEC+ alliance of major oil producing nations have cut output to support prices but last month agreed plans to start gradually easing those curbs from 1 May.
Aramco, which reduced its output as part of that pact and as a result of Saudi Arabia’s additional voluntary production cuts, said global demand for petroleum products was recovering from its lows in 2020 but remained below pre-pandemic levels.
Read more: Saudi Aramco’s profits plunge 44 per cent as oil demand slides
Aramco declared a dividend of
© City AM, source