Thanks to the economic upturn caused by a better situation on the front line of the coronavirus pandemic, the oil giant Saudi Aramco is benefiting from the rebound in oil prices. Its net profit jumped 30% in the first quarter of 2021.

In a press release published on Tuesday, the Aramco group announced that net income reached $21.7 billion in the first quarter. It recorded a 30% increase compared to the 16.7 billion achieved in the first quarter of 2020. According to the Saudi group, this performance is due to “a more solid oil market and higher margins in refining and chemicals, elements which partly compensated for lower production". Amin Nasser, CEO of Aramco, believes that Aramco's operational flexibility, financial agility and the resilience of our employees also contributed to a strong performance in the first quarter.
Oil prices have risen in recent months as more countries eased coronavirus restrictions and increased vaccination campaigns, which led to a revival of activity and the economy around the world. . North Sea Brent oil averaged $61.1 in the quarter, compared to $50.1 a year earlier and $44.2 in the fourth quarter of 2020.