Net income leapt 90% year-on-year for the world’s biggest oil producer, which clocked its second straight quarterly record after announcing US$39.5 billion for Q1.

“While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential – both to help ensure markets remain well supplied and to facilitate an orderly energy transition,” said Aramco president and CEO Amin H Nasser.

“In fact, we expect oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts.”

Net income rose 22.7% from Q1 in “strong market conditions”, Aramco said.

Half-year profits were US$87.91 billion, up from US$47.18 billion for the same period of 2021.

Aramco paid a US$18.8 billion dividend in Q2 and will disburse the same amount in Q3.

The quarterly profits, the highest since Aramco’s IPO in late 2019, beat analyst forecasts of US$46.2 billion.

Aramco was priced at US$10.86 ahead of the Saudi stock exchange’s opening today.