DUBAI—High crude prices are infusing Saudi Arabia with billions of dollars in cash, fueling record profit at its national oil company, lending fresh momentum to the country’s ambitious economic makeover and strengthening its geopolitical power.
The country’s giant oil-producing business Aramco, officially named Saudi Arabian Oil Co., said Sunday that its net income jumped 90% to $48.4 billion in the three months ending in June from the same period a year earlier, due to higher crude oil prices and stronger refining profits. It is the highest quarterly net income Aramco has posted since it started trading its shares on the Saudi stock exchange in 2019.
