Saudi Aramco Reports 33% Profit Rise Amid Middle East Supply Disruptions
Saudi Aramco reported adjusted net income of $33.4B for April–June, up 33% year over year, despite severe disruption to supply routes from war in the Middle East. Production averaged 9.5 million barrels per day, down from 12.6 million, but exports continued as more than 70% of oil was rerouted through a Red Sea pipeline after traffic in the Strait of Hormuz was paralyzed, helped by a higher average oil price of $108.