Iran war boosts profits for
Photo: Amr Nabil/AP/TT

Iran war boosts profits for Saudi oil giants

The world's largest oil producer, Saudi Aramco, reports that its net profit increased by more than 25 percent in the first quarter compared with the same period last year.

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The result comes after the Iran war caused oil and gas prices to rise sharply, while global markets remain uncertain about how the conflict will develop.

The company, which is largely owned by the Saudi state, said in a statement published on the Saudi stock exchange's website that "the increase in revenue is primarily due to higher prices and sales volumes of refined products and chemical products, as well as higher volumes and higher prices of crude oil."

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AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers
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