Oil giant Saudi Aramco has $42.4B profit in third quarter

Oil giant Saudi Aramco is reporting a $42.4 billion profit in the third quarter of this year, buoyed by higher global energy prices that have filled the kingdom’s coffers but helped fuel inflation worldwide

Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, buoyed by the higher global energy prices that have filled the kingdom's coffers but helped fuel inflation worldwide.

The oil firm's profits will help fund the kingdom's assertive Crown Prince Mohammed bin Salman's plans for a futuristic city on the Red Sea coast, but also comes as the U.S. grows increasingly frustrated by higher prices at the pump chewing into American consumer's wallets.

Those tensions yet again have chilled relations between Riyadh and Washington before the Nov. 8 midterm elections.

In a note to investors, the predominantly state-owned oil company said its average barrel of crude sold for $101.70 in the third quarter — up from $72.80 at the same point last year. It put its profits so far in 2022 at $130.3 billion, compared to $77.6 billion in 2021.

“While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world’s need for more affordable and reliable energy,” Aramco CEO Amin H. Nasser said in a statement.

Benchmark Brent crude traded just shy of $95 a barrel Tuesday. The sliver of Aramco that the kingdom has put on Riyadh's Tadawul stock market stood at $9.29 a share before trading Tuesday — putting its valuation at just over $2 trillion.

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Follow Jon Gambrell on Twitter at www.twitter.com/jongambrellAP.