23rd November 2022
EP

Oil giant Saudi Aramco recently reported a $42.4 billion profit in the third quarter of this year, a 39% bump buoyed by the higher global energy prices that have filled the kingdom's coffers but helped fuel inflation worldwide.

 

The oil firm's profits will help fund the kingdom's assertive Crown Prince Mohammed bin Salman's plans for a futuristic city on the Red Sea coast, but also comes as the U.S. grows increasingly frustrated by higher prices at the pump chewing into American consumer's wallets.

 

Those tensions yet again have chilled relations between Riyadh and Washington before the Nov. 8 midterm elections. In a note to investors, the predominantly state-owned Saudi Arabian Oil Co. said its average barrel of crude sold for $101.70 in the third quarter — up from $72.80 at the same point last year.


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