🔻Saudi Aramco, the oil giant of Saudi Arabia, in the second quarter of 2026, despite lower production and exports, registered its highest profit since 2022 according to some measures, and its adjusted profit surpassed $33 billion. The main factor behind this surge was a more than 60% increase in the average price of oil sold, which offset an approximately 25% reduction in Aramco’s oil and gas production. Dr. Carol Nakhla, an economist and managing director of the Kristol Energy consulting firm, told BBC Persian that low production costs allowed Aramco to benefit from the rise in oil prices more than many other producers. The East-West pipeline also helped Aramco; Saudi Arabia moved a large share of its oil exports from the Persian Gulf to Yanbu port on the Red Sea to reduce the impact of disruptions in the Strait of Hormuz. However, this route does not have the capacity to transfer all the oil that had been exported from the Persian Gulf before the war. With the expansion of attacks by Yemen’s Houthis on the Red Sea, Aramco’s alternative route has also faced security threats. 📸GettyImages