Saudi state oil company reports jump in profits despite attacks; Australian central bank lifts rates – business live
Source: The Guardian ·
Iran war reduces Aramco’s output but this has been offset by higher oil pricesGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.The Saudi state oil company Saudi Aramco has reported that profits rose by more than a third in the latest quarter despite attacks on its facilities.Geopolitical uncertainty and attacks on key energy facilities…
From the source
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. The Saudi state oil company Saudi Aramco has reported that profits rose by more than a third in the latest quarter despite attacks on its facilities. The world’s top oil exporter posted a net profit of $3.25bn in the three months to September, compared with $26.9bn a year earlier. The US-Israeli war on Iran has reduced Aramco’s output, but this has been offset by higher oil prices. This morning, Brent crude climbed $2.38 a barrel to $107.15 a barrel, a 2.2% gain, after the US reportedly launched limited strikes on Iran’s Qeshm Island late on Monday. (Before the war, which started on 28 February, Brent traded around $72 a barrel.) However on Monday, the global oil benchmark plunged 11% to $103.28 a barrel after Donald Trump reportedly said he was willing to give diplomacy more time. Amin H. Nasser, Aramco’s president and chief executive, said: This means that the world’s…
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