Saudi Aramco reported a Q2 profit of $30.0 billion. This came despite a 40% yoy decline due to lower oil prices and weak refining/chemical margins. Amin Nasser CEO of the company, mentioned resilient global demand and aviation sector improvement. The company also confirmed $19.5 billion profits for both Q1 and Q2.
Recent declines in profitability are consistent with industry-wide trends, exemplified by BP's 70% drop in second-quarter profits. Exxon Mobil, Shell, and Total Energy similarly reported earnings declines due to falling oil prices. However, it is expected that oil price increases in Q3 and Q4. Goldman Sachs forecasts Brent reaching $86 per barrel by December and $93 per barrel next year due to robust demand and OPEC+ supply shortages.