<p>Saudi Aramco on Tuesday posted a 39 per cent jump in third-quarter profits year on year, the latest financial results boosted by higher oil prices resulting largely from Russia's invasion of Ukraine.</p>.<p>The announcement came as the OPEC+ cartel of oil producers was set to implement production cuts that have drawn the ire of the United States, which says the move -- approved at a meeting last month -- amounts to "aligning with Russia" in the conflict.</p>.<p><strong>Read | </strong><a href="https://www.deccanherald.com/business/business-news/saudi-aramco-pushes-ahead-with-ipo-of-oil-trading-unit-1155309.html" target="_blank">Saudi Aramco pushes ahead with IPO of oil-trading unit</a></p>.<p>The energy giant's net income totalled $42.4 billion -- up from $30.4 billion during the same period last year -- and was "primarily driven by higher crude oil prices and volumes sold", it said in a filing with the Saudi stock exchange.</p>.<p>CEO Amin Nasser touted the firm's "strong earnings and record free cash flow" of $45 billion, up from $28.7 billion at this time last year.</p>.<p>"While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world's need for more affordable and reliable energy," he said in a statement.</p>.<p>Aramco is Saudi Arabia's "crown jewel" and primary source of revenue.</p>.<p>It has been well positioned to benefit from energy price spikes, boasting "the lowest cost of production by a huge margin" compared to other oil companies, said Ellen Wald, author of "Saudi Inc.", a history of the company.</p>.<p>That strong performance has led to a banner economic year for Saudi Arabia, driving surpluses that could help finance ambitious plans by Crown Prince Mohammed bin Salman to open up the kingdom and diversify its oil-reliant economy.</p>.<p>On Monday, Saudi Arabia reported a preliminary estimate of 8.6 per cent economic growth in the third quarter of 2022 compared to the same period last year, "mainly due to the increase in oil activities".</p>.<p>The International Monetary Fund has said Saudi Arabia's GDP is expected to expand by 7.6 per cent this year.</p>
<p>Saudi Aramco on Tuesday posted a 39 per cent jump in third-quarter profits year on year, the latest financial results boosted by higher oil prices resulting largely from Russia's invasion of Ukraine.</p>.<p>The announcement came as the OPEC+ cartel of oil producers was set to implement production cuts that have drawn the ire of the United States, which says the move -- approved at a meeting last month -- amounts to "aligning with Russia" in the conflict.</p>.<p><strong>Read | </strong><a href="https://www.deccanherald.com/business/business-news/saudi-aramco-pushes-ahead-with-ipo-of-oil-trading-unit-1155309.html" target="_blank">Saudi Aramco pushes ahead with IPO of oil-trading unit</a></p>.<p>The energy giant's net income totalled $42.4 billion -- up from $30.4 billion during the same period last year -- and was "primarily driven by higher crude oil prices and volumes sold", it said in a filing with the Saudi stock exchange.</p>.<p>CEO Amin Nasser touted the firm's "strong earnings and record free cash flow" of $45 billion, up from $28.7 billion at this time last year.</p>.<p>"While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world's need for more affordable and reliable energy," he said in a statement.</p>.<p>Aramco is Saudi Arabia's "crown jewel" and primary source of revenue.</p>.<p>It has been well positioned to benefit from energy price spikes, boasting "the lowest cost of production by a huge margin" compared to other oil companies, said Ellen Wald, author of "Saudi Inc.", a history of the company.</p>.<p>That strong performance has led to a banner economic year for Saudi Arabia, driving surpluses that could help finance ambitious plans by Crown Prince Mohammed bin Salman to open up the kingdom and diversify its oil-reliant economy.</p>.<p>On Monday, Saudi Arabia reported a preliminary estimate of 8.6 per cent economic growth in the third quarter of 2022 compared to the same period last year, "mainly due to the increase in oil activities".</p>.<p>The International Monetary Fund has said Saudi Arabia's GDP is expected to expand by 7.6 per cent this year.</p>