Rising oil prices gave the Saudi Arabian oil giant its biggest quarterly profit since it went public. Saudi Aramco earned over $48 billion in the second quarter of this year.
What will be the demand for oil?
The net profit of the mining company Saudi Aramco increased by 90 percent year-on-year, and even surpassed the median estimate of analysts polled by Reuters by two billion dollars. Saudi Aramco expects oil demand to continue to grow for the rest of this decade. And this despite pressures to slow down economic growth or other circumstances such as increasing the share of renewable sources in the energy mix of many countries.
Increasing the maximum production capacity
Saudi Aramco also announced that it will pay a dividend of nearly $19 billion for the second quarter. This is in a similar volume in which the dividend was paid for the third quarter of last year.
The mining giant is poised to continue increasing its maximum production capacity, which currently stands at around 12 million barrels of oil per day. The Saudi Arabian government, which is the majority owner of the company, should participate in this. Shares in Saudi Aramco rallied more than 25 percent in response to the announcement of quarterly results.
