What was Saudi Aramco's Q2 2024 net profit and year-on-year growth rate, and what primary factor drove this increase?

Saudi Aramco's Q2 2024 net profit was $33.4 billion, representing a 32.5% year-on-year increase. This growth was primarily driven by surging international crude oil prices, largely fueled by geopolitical tensions—specifically US-Iran tensions—as noted in the headline; the body confirms that 'its performance growth was mainly due to rising international crude oil prices', though partially offset by lower sales volume.

How much did Saudi Aramco's upstream operations contribute to its earnings, and what does this reveal about its business model?

Nearly 90% of Saudi Aramco's earnings before interest and taxes (EBIT) came from its upstream segment, underscoring its heavy reliance on oil exploration and production as the core engine of profitability; the body explicitly states: 'Saudi Aramco's nearly 90% of EBIT comes from upstream', and further clarifies that 'its performance growth was mainly due to rising international crude oil prices', confirming that upstream-driven commodity price sensitivity is central to its financial results.

Saudi Aramco Q2 Net Profit Rises 33% to $33.4 Billion as Oil Prices Surge on US-Iran Tensions

Aug 4, 2026

Saudi Aramco reported a 33% surge in Q2 net profit to $33.4 billion, driven by higher oil prices amid US-Iran tensions. Upstream operations contributed nearly 90% of EBIT despite increased operating costs and lower sales volumes.

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Saudi Aramco Q2 Net Profit Rises 33% to $33.4 Billion as Oil Prices Surge on US-Iran Tensions

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