DUBAI — High crude oil prices send Saudi Arabia billions of dollars in cash, drive record profits for the national oil company, reinvigorate the country’s ambitious economic makeover and bolster its geopolitical power. The giant oil-producing company Aramco, officially Saudi Arabian Oil Co. On Sunday, it said net income rose 90% to $48.4 billion in the three months ending June, compared to the same period a year earlier, as a result of higher crude oil prices. and stronger refining profits. It is Aramco’s highest quarterly result since it began trading its shares on the Saudi stock exchange in 2019.

Source: Wall Street Journal August 14, 2022 15:59 UTC