Saudi Aramco, a state-owned energy company in Saudi Arabia and the world’s most valuable company, has seen year-on-year profits almost quadruple in the second quarter of 2021.
The firm, which is also the world’s largest oil producer, attributed the soaring profits to the easing of Covid restrictions, increased rates of vaccinations, and stimulus measures by central governments. All of this has led to increased economic activity in the last few months and thus more demand for oil.
The increase in global demand is also helping to boost the price of oil, which in turn is good news for Saudi Aramco who can benefit from higher revenues.
Click here for the source article
President Donald Trump has reignited his trade war strategy, imposing sweeping 25% tariffs on all…
In a swift and strategic response to new U.S. tariffs, China has imposed its own…
In a bold move to accelerate economic growth, the UK government has unveiled plans to…
Greenland might not seem like a typical focus for the United States, yet it became…
BRICS, the bloc of major developing economies, has welcomed Nigeria as its newest partner country.…
THINK LIKE AN ECONOMIST! Click here for the source article