Aramco CEO Amin Nasser
Aramco resumes upstream action
Oil market recovery is financing a cautious renewal of spending on core domestic projects
Saudi Aramco benefitted from rising oil prices to post a 30pc year-on-year leap in profits in Q1, to SAR78.6bn ($21bn)—a sharp contrast to the 44pc slump seen across 2020 as whole. But despite the prospects of more cash to come, the firm remains loath to lift spending. Crude production averaged a mere 8.6mn bl/d in the first three months of 2021 but will be permitted to rise to 9.23mn bl/d in May and gradually more thereafter. With Brent above 65/bl since mid-April, Aramco’s coffers should swell accordingly. 30pc – Year-on-year increase in Q1 profit But the firm restated in its Q1 results its downward revision of full-year capex to $35bn. Non-core investments in US LNG liquefaction a
Also in this section
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
