Saudi Aramco reported a 26% year-on-year jump in first-quarter profits on Sunday, beating analyst forecasts, as a key pipeline allowing it to circumvent the choked-off Strait of Hormuz reached full capacity.
Adjusted net income for Q1 2026 stood at $33.6 billion, compared with $26.6 billion in the same period last year, the Saudi Arabian energy giant told CNBC in a statement. The Q1 figure was a 34% increase on the $25.1 billion profit in the previous quarter.
Analysts had expected a Q1 adjusted net income of $31.2 billion, Aramco said.
“Our East-West Pipeline, which reached its maximum capacity of 7.0 million barrels of oil per day, has proven itself to be a critical supply artery, helping to mitigate the impact of a global energy shock and providing relief to customers affected by shipping constraints in the Strait of Hormuz,” Aramco CEO Amin Nasser said in a statement.
Iran’s blockade of the Strait of Hormuz has resulted in the loss of nearly a billion barrels of oil, with the shortage growing worse every day the sea lane remains closed.
