Saudi Aramco profits soar by 90% as energy prices rise

The increase in demand for oil comes as western governments try to wean themselves off Russian energy supplies over the invasion of Ukraine. Photograph: Ahmed Jadallah/Reuters

Saudi Arabia’s largely state-owned energy firm has highlighted the colossal profits made by gas and oil-rich nations during the energy crisis by revealing profits in the three months to the end of June up 90% to $48bn (£40bn).

Saudi Aramco recorded what is believed to be one of the largest quarterly profits in history to easily beat the near $26bn it made a year earlier.