Saudi Aramco CEO says record Q2 results reflect higher demand for products

Saudi Aramco’s President & CEO Amin Nasser

Saudi Aramco’s President & CEO Amin Nasser said the record second-quarter results reflect the increasing demand for the company’s products — particularly as a low-cost producer with one of the lowest upstream carbon intensities in the industry.

“While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential — both to help ensure markets remain well supplied and to facilitate an orderly energy transition,” Nasser said in a statement received by Argaam.

Oil demand is expected to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts.

“But while there is a very real and present need to safeguard the security of energy supplies, climate goals remain critical, which is why Aramco is working to increase production from multiple energy sources — including oil and gas, as well as renewables, and blue hydrogen,” Nasser added.

Saudi Aramco is progressing the largest capital program in its history, and its approach is to invest in the reliable energy and petrochemicals that the world needs, while developing lower-carbon solutions that can contribute to the broader energy transition, Nasser concluded.

Saudi Arabian Oil Co. (Saudi Aramco) reported an 87% surge in H1 2022 net profit after Zakat and tax to SAR 316.8 billion, compared to SAR 169.5 billion a year earlier, backed by higher crude oil prices and volumes sold, as well as better downstream margins.