Saudi Aramco Q2 profit surge

Saudi Aramco reported a 44% surge in net profit for the second quarter of 2026, reaching 122.6 billion Saudi riyals ($32.7 billion), up from 85 billion riyals a year earlier. The profit jump was driven by higher oil and gas prices resulting from the ongoing Middle East war, despite significant supply disruptions including Iran's blockade of the Strait of Hormuz and Houthi attacks on Saudi ships in the Red Sea. Aramco's CEO Amin H. Nasser highlighted the company's ability to maintain business continuity through its diverse asset base and strategic infrastructure such as the East–West Pipeline. The results exceeded analyst expectations, with adjusted net income of 125.1 billion riyals versus a consensus of 116.9 billion riyals. The announcement coincided with criticism from US President Donald Trump, who said oil companies are making 'too much money' due to the war. Other oil majors like ExxonMobil and Chevron also reported strong profits. Saudi oil output dropped from 10.1 million barrels per day in January to 6 million in early April, recovering to 7.1 million in June, according to think tank Jadwa Investment.