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Aramco anticipates gains from rising oil demand
Saudi Aramco announced that it expects to benefit from increased oil demand following the resolution of the global energy crisis caused by the war and the closure of the Strait of Hormuz. The company plans to ramp up inventory-building operations to offset declines resulting from conflicts. The Deputy CEO confirmed that oil demand will grow as inventories are rebuilt, leveraging the company's spare production capacity and strong financial standing. In the second quarter, Aramco achieved profits of 121.5 billion Riyals, surpassing analysts’ expectations by 41.9%, with revenues reaching 450.8 billion Riyals, an increase of 19% year over year.
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