Saudi Aramco Profits Soar Amid Hormuz Closure Warning
Saudi Aramco reported soaring profits, with its CEO warning that a closure of the Strait of Hormuz would remove 100 million barrels of oil per week from the market. Despite this, the company stated that recent July attacks had no material impact on its operations.
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Aramco Says July Attacks Had No Material Impact on Operations
Saudi Aramco said attacks on its assets last month have had no material impact on its operations, and the company is working to expand its oil export capacity as the Strait of Hormuz remains disrupted by the Iran war.
By Anthony Di Paola and Alex Longley
Read full article →Saudi Aramco Profit Soars As CEO Warns Hormuz Closure Removes 100 Million Barrels A Week
Saudi Aramco Profit Soars As CEO Warns Hormuz Closure Removes 100 Million Barrels A Week Saudi Aramco, the world's largest oil producer by volume, reported a 33% jump in second-quarter profits on Tuesday as the war-driven surge in Brent crude, which averaged $97 a barrel, boosted earnings. The company maintained export flows by redirecting crude around the disrupted Strait of Hormuz through its East-West Pipeline to the Red Sea. Adjusted net income for the quarter surged to $33...
By Tyler Durden
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