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
17 July 2025
US downstream sector in key state feels the pain of high costs, an environmental squeeze and the effects of broader market trends
16 July 2025
Crude quality issues are an often understated risk to energy security, highlighted by problems at a key US refinery
15 July 2025
Government consultations on the windfall tax and the exploration licence ban are positive steps, but it is unclear how long it will take for them to yield tangible outcomes
15 July 2025
A brutally honest picture about the potential role of oil and gas in 2050 should prompt policymakers to not only reflect but also change course to meet vital energy needs
