“Saudi Arabian state oil producer Aramco has said its third-quarter net profit more than doubled, boosted by higher crude oil prices and volumes sold, beating analysts’ forecasts,” reports Al Jazeera. “Net income jumped to $30.4bn for the quarter to September 30 from $11.8bn a year earlier, it said in a filing on Sunday. That was above the median net profit forecast of $28.4bn from four analysts.”
“Oil prices have rallied to multi-year highs with global crude futures climbing 4.5 percent in the quarter, helped by the decision by OPEC+ to maintain its planned output increase rather than raising it on global supply concerns. Brent oil futures are trading around $84.4 a barrel, up about 63 percent so far this year, while benchmark US crude is at roughly $83.57 a barrel, up just over 70 percent over the same period.”
Saudi Aramco is the national oil company of Saudi Arabia, and is controlled by Trump ally Mohammed bin Salman. The “OPEC+” collective includes Russia, which is controlled by former guy puppet-master Vladimir Putin. There is growing suspicion that Saudi Arabia and Russia may be manipulating supplies of liquid and gas fuels in an effort to hamper the Biden Administration, and benefit the Republican Party in the United States, as part of an effort towards reinstalling Kremlin puppet Donald Trump as President of the United States.