The net income of Saudi Arabia's state-backed oil company increased 158% year-on-year during the third quarter of 2021, driven by higher crude oil prices and volumes sold, according to the company's financial results on Sunday.
The oil giant said it gained $30.4 billion in the July-September period of this year, compared to $11.8 billion in the same period of 2020.
The world's largest oil company attributed the positive results to higher crude oil prices and volumes sold and stronger refining and chemicals margins in the third quarter, which were underpinned by rebounding global energy demand and increased economic activity in key markets.
'Our exceptional third-quarter performance was a result of increased economic activity in key markets and a rebound in energy demand, as well as our unique low-cost position, our financial discipline and our proven ability to reliably deliver essential energy and chemical products to our customers,' Aramco's President and CEO Amin Nasser was quoted as saying in the statement.
'Some headwinds still exist for the global economy, partly due to supply chain bottlenecks, but we are optimistic that energy demand will remain healthy for the foreseeable future,' Nasser added.
By Firdevs Yuksel