RIYADH: Saudi Aramco stands to benefit from a post-war surge in oil demand as buyers rebuild depleted inventories once the conflict ends, Executive Vice President and Chief Financial Officer Ziad Al-Murshed said.
Demand is likely to rise because of the “urgent need” to replenish inventories drawn down due to supply disruptions through the Strait of Hormuz, Al-Murshed told Asharq Bloomberg after the company’s second-quarter earnings beat estimates.
“We are well positioned to benefit from the increase in demand,” he said, citing the company’s “spare production capacity, together with our strong financial position and a gearing ratio that is the lowest among our global oil peers.”
Al-Murshed’s comments came after the world’s biggest energy company reported second-quarter net income of $33.4 billion, a 33 percent jump year on year that exceeded the average estimate of analysts surveyed by Bloomberg. Revenue climbed 28.1 percent year on year to $139.1 billion in the second quarter.
Strait of Hormuz impact
