Saudi Aramco sees Q3 income rise to $30.4b

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The world's largest oil company, Saudi Aramco, has reported $30.4 billion in net income in the third quarter, bolstered by a surge in oil prices and recovery in demand as the coronavirus pandemic eases.

Saudi Arabia's majority state-owned oil giant Aramco said its net income rose by 158 per cent from $11.8 billion during the same three-month period a year earlier.

The results came as the global loosening of virus-induced restrictions, tightening of gas supplies and acceleration of vaccination campaigns have pushed prices of crude sharply higher.

The price of international benchmark Brent crude was trading over $83 a barrel on Sunday.

Net income refers to the amount left after taxes and preferred dividends have been paid.

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