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Oil giant Saudi Aramco on Sunday unveiled record profits of $48.4bn in the second quarter of 2022, after Russia’s war in Ukraine and a post-pandemic surge in demand caused crude prices to skyrocket.

The world’s biggest oil producer saw its net profits surge by 90% year-on-year, and posted its second straight quarterly record in “strong market conditions” – a rise of 22.7% from from the first quarter of 2022, for which the company had announced a net income of $39.5bn.

Almost entirely state-owned Aramco is just the latest oil giant to rake in eye-watering sums after ExxonMobil, Chevron, Shell, TotalEnergies and Eni also revealed multi-billion-dollar profits in the second quarter, Reuters reports.

“While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential,” said Aramco president and…

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This article was written by Jedidajah Otte and originally published on www.theguardian.com