Commodities Buzz: Saudi Aramco Says Oil Demand Will Likely Continue To Grow In Long Term

1 Nov 2022 , 02:37 PM

Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, up 39% on year buoyed by higher global energy prices. Aramcos long-term view is that oil demand will likely continue to grow for the rest of the decade, as will the worlds need for more affordable, reliable, and sustainable energy. Aramco intends to meet this growing demand by capturing unique growth opportunities and expanding its Maximum Sustainable Capacity (MSC), while enhancing integration of its Upstream and Downstream businesses and growing its liquids-to-chemicals capabilities. In the third quarter, capital expenditures were SAR 33.9 billion ($9.0 billion), up 19.1% compared to the same period in 2021. Powered by Commodity Insights