Profits at two of the world’s largest oil producers soared as BP and Saudi Aramco reaped a windfall from historically high energy prices that have fuelled inflation and stoked a global cost of living crisis.
Saudi Aramco reported its second-highest quarterly profits since listing its shares in 2019, generating net income of $42.4bn in the three months to September, as BP’s earnings more than doubled to $8bn, putting it on course for one of the most profitable years in its history.
The surging profits follow Russia’s invasion of Ukraine, which disrupted global energy markets. Prices have fallen from their highs this year, but remain elevated at more than $90 a barrel after the move by the Opec+ cartel last month to cut production targets.
