Aramco, the Saudi oil giant, reported a 25% increase in profit in the first quarter of the year, reaching $32.5 billion, compared to the same period last year. This increase was made possible by the use of a pipeline that bypasses the Strait of Hormuz, a crucial maritime route affected by the conflict with Iran. Amin H. Nasser, the president and CEO of Aramco, emphasized that the company's performance reflects resilience and operational flexibility in a complex geopolitical environment. The East-West pipeline has reached its maximum capacity of 7 million barrels per day, thus providing some support in the face of global energy shocks. However, Nasser noted that this pipeline cannot compensate for the capacity losses in the Strait of Hormuz, where before the conflict, 20% of the world's traded oil passed through. Iran's control over this waterway, along with the naval blockade imposed by the U.S., further complicates the situation. Nasser highlighted the importance of a reliable energy supply for global energy security. Aramco continues to focus on its strategic priorities, utilizing its internal infrastructure and global network to navigate through these disruptions.
Sources
Saudi oil giant Aramco announces 25 per cent profit surge after bypassing Strait of Hormuz disruption
Saudi oil giant Aramco sees Q1 profits rise 25% by shifting exports to its East-West Pipeline
Profitul Saudi Aramco crește cu 26% în primul trimestru, pe fondul atingerii capacității maxime a conductei principale în contextul conflictului cu Iranul
Saudi Aramco profits jump despite conflict in the Middle East
Latest News
15:34
Ilie Bolojan, meeting with representatives of the Concordia Employers' Confederation / About what was discussed
15:28
A 37-year-old woman was detained after causing an accident on the E85, having a blood alcohol level of 3.12 g/l
15:17
Transporters are requesting the replacement of the temporary compensation of the excise duty on diesel with a permanent mechanism
15:08
PPC blue, the electric mobility division of the PPC group in Romania, launches the campaign 'Charge and Win', encouraging electric vehicle drivers to shift charging outside of peak hours.
15:06
The El Niño phenomenon could push 49 million people into acute hunger by the end of next year.
See more news