A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. — Reuters picRIYADH, May 4 — Energy giant Saudi Aramco today posted a 30 per cent jump in first quarter profits, beating forecasts in a sign of recovery from last year’s oil market crash fuelled by the coronavirus pandemic.
“The momentum provided by the global economic recovery has strengthened energy markets,” Aramco chief executive Amin Nasser said in a statement. The strong earnings provide relief to Aramco, Saudi Arabia’s cash cow, which has revealed consecutive falls in profits since it began disclosing earnings in 2019.
Saudi Arabia is currently seeking to monetise its energy assets, as it explores new revenue streams to fund its ambitious diversification drive. But with the rise of Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler, who is accelerating efforts to implement his “Vision 2030” reform programme, the kingdom has shown readiness to cede some control.