Saudi Arabia: the Price of Oil Aramco Sold Jumped More Than 60%, Offsetting the Impact of Lower Output

Saudi Arabia's oil company Aramco reported its highest quarterly profit since 2022 in the second quarter of 2026, a surge driven by soaring crude prices amid heightened Middle East tensions from the Iran war and disruptions to shipping in the Persian Gulf. The company's adjusted profit exceeded $33 billion, up roughly a third from the same period last year, while net profit rose 44%, according to data. The strong earnings came despite a roughly 25% drop in oil and gas production year-on-year and reduced exports, as much of the country's shipments were redirected to the Red Sea route.

The price of oil Aramco sold jumped more than 60%, offsetting the impact of lower output and exports. The timing of the profit spike has sparked debate over whether the Saudi government is benefiting economically from regional developments and how much Aramco's results reflect the broader national economy. The two profit figures are based on different calculation methods, but both point to a marked increase in profitability in the quarter.

The company's high earnings have raised questions about whether Riyadh is gaining financially from regional events and to what extent its financial results mirror the overall state of the country's economy. Production fell about 25% while oil prices rose over 60%, with revenue from higher prices compensating for lower volumes, enabling Aramco to significantly boost profits despite reduced output.