Saudi oil giant Aramco sees profits soar by almost 300%

Saudi Arabian energy giant Aramco has seen its profits jump almost four times boosted by a rise in oil prices as demand recovers.

The company added that the easing of Covid restrictions, vaccinations, stimulus measures and the return of economic activity had supported results.

Crude oil prices have risen by more than 30% since the start of the year.

Aramco’s chief executive also gave an upbeat assessment for the rest of 2021.

The firm, which is the world’s biggest oil producer, said net income rose by 288% to $25.5bn (£18.4bn) for the second quarter.