Saudi oil giant's net profit in the first quarter increased by over 25%

Saudi Aramco, the Saudi Arabian national oil company, said on the 10th that due to the rise in oil prices caused by the Iran conflict, the company's net profit for the first quarter of this year increased by 25.5% compared to the same period last year. Saudi Aramco announced in a statement on the same day that the company achieved a net profit of 120.13 billion Saudi Riyals in the first quarter of 2026, compared to 95.68 billion Saudi Riyals in the same period last year. The statement mentioned that the increase in net profit in the first quarter was mainly due to higher prices and sales volumes of crude oil, oil refining, and chemical products than in the past. After the outbreak of the Iran conflict at the end of February this year, the Hormuz Strait, which transports one-fifth of global oil, was "blocked," leading to a rise in global oil prices. The price of crude oil in early February was over $60 per barrel, rising to over $100 per barrel by March. Amin Nasser, the President and CEO of Saudi Aramco, stated that the first quarter's profits reflect the company's resilience and operational flexibility in a "complex geopolitical environment." He mentioned that the company is utilizing its "domestic infrastructure and global network" to address the disruptions caused by the Iran conflict. Saudi Aramco's statement also mentioned that in the first quarter, the oil transfer volume of Saudi's east-west oil pipelines significantly increased to a maximum oil transfer capacity of 7 million barrels per day to ensure the export of oil from the west coast of Saudi Arabia. Saudi Aramco is the world's largest oil export company. After maritime shipping in the Hormuz Strait was nearly halted due to the conflict, the company maximized the use of the east-west oil pipelines to export oil. This oil pipeline, which began construction in the 1980s, starts from the oil-producing region in the Persian Gulf in eastern Saudi Arabia and stretches to Yanbu Port on the coast of the Red Sea, spanning over 1,200 kilometers. Analysts believe that if oil prices remain at current levels, Saudi Aramco's profits for the second quarter of this year will continue to increase.