multi source·5h ago·3 sources analyzed
Aramco reports 25% profit increase in Q1 2023
Saudi Aramco has reported a significant rise in profits for the first quarter of 2023, attributed to increased exports through its East-West Pipeline. This development comes amid ongoing regional conflicts. (sources: ap, fortune, theguardian, yahoo, msn)
Image: fortune
ModernAction Briefing
Saudi Aramco's profits increased by 25% in the first quarter of 2023, reaching £26.9 billion. The rise is linked to the company's ability to bypass the Strait of Hormuz by utilizing its East-West Pipeline.
- The East-West Pipeline is operating at maximum capacity of 7 million barrels per day.
- Aramco's profit increase occurred despite ongoing conflicts in the Middle East.
- The company reported a 26% profit jump compared to the previous year.
Why it matters
The profit increase highlights the impact of infrastructure on oil exports amid geopolitical tensions.
Action context
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Top coverage · 3 sources
apSaudi oil giant Aramco sees Q1 profits rise 25% by shifting exports to its East-West PipelinefortuneWorld’s largest oil company reports 25% profit jump as exports via Saudi Arabia’s East-West Pipeline bypass Strait of Hormuz closuretheguardianSaudi Aramco profits jump despite conflict in Middle EastyahooIAG warns Middle East conflict will dent profits despite strong first-quarter performance