Oil Giant's Profits Soar Amid Global Turmoil

Saudi Aramco Reports Increased Q1 Earnings Despite Regional Conflict Saudi Aramco, the state-owned oil company, reported a 26% increase in adjusted earnings for the first quarter of 2026, reaching $33.6 billion. This financial growth occurred despite ongoing conflict in the Middle East, which impacted traditional export routes. The company leveraged its east-west pipeline to circumvent disruptions in the Strait of Hormuz, maintaining crude oil shipments.

The east-west pipeline, which connects Saudi Arabia's oil fields to the Red Sea port of Yanbu, reached its maximum capacity of 7 million barrels per day during the quarter. This strategic infrastructure allowed Aramco to continue exports from its west coast, offsetting the halt of shipments from Gulf ports due to Iran's control of the Strait of Hormuz since February 28. While the pipeline reached peak capacity, average utilization and total shipments via this route were not disclosed.

The increase in earnings was also supported by a surge in international oil prices. The global oil benchmark Brent crude traded at approximately $100 per barrel in March, marking a 44% increase from the previous month.

This higher valuation for crude oil, combined with strong refining margins, mitigated the impact of lower export volumes in March, which averaged 3.3 million barrels per day, approximately half of the previous month's shipments. Overall, Saudi Aramco sold more oil in the first three months of the year compared to the same period last year.