Saudi Arabian state oil producer Aramco said its third-quarter net profit more than doubled, boosted by higher crude oil prices and volumes sold, beating analysts’ forecasts.

Dubai: The oil giant’s best quarterly earnings since its listing in December 2019 was fuelled by the strongest quarterly average crude prices since its shares began trading. Aramco shares were up 1% in early trade after the company disclosed its results and have risen about 9% this year to a market valuation of just over $2 trillion, a goal sought by de-facto Saudi leader Crown Prince Mohammed bin Salman before its initial public offering. Aramco’s net income jumped to $30.4 bn for the quarter to Sept 30 from $11.8 bn a year.
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