Saudi Aramco Posts Record Quarterly Profit on Surging Oil Prices

DUBAI—Saudi Aramco said Sunday its net income rose 80% in the first quarter of this year to record highs, as state-owned oil giants begin reaping the profits from an energy-price boom caused by Russia’s invasion of Ukraine.

Saudi Arabian Oil commonly known as Aramco, said its quarterly profit swelled to $39.5 billion, offering an example of how the Ukraine invasion and rising oil prices have boosted the fortunes of petrostates. With oil prices rising as high as $139 a barrel in recent months and consistently above $100, Saudi Arabia has seen its fastest economic growth in a decade.

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