Saudi Aramco’s adjusted net income jumped 33% year-over-year as crude prices climbed over 60% amid geopolitical tensions.
Saudi Aramco posted a second-quarter adjusted net income of $33.4 billion, exceeding analyst forecasts of $31.59 billion. The 33% year-over-year increase was driven by a sharp rise in oil prices, averaging $108 a barrel during the period, up from $67 in the same quarter last year.
Despite a 25% decline in total hydrocarbon production, Aramco maintained export volumes at 7 million barrels per day using its East-West pipeline. The company cited the Iran war as a key factor disrupting global supply, removing 2.6 billion barrels from markets, with emergency stock releases offsetting some losses.
CEO Amin Nasser warned that even if the Strait of Hormuz reopened, rebuilding global inventories could take up to 18 months. The earnings beat underscores the impact of geopolitical risks on energy markets.