Saudi Aramco reported adjusted net income of $33.6 billion for the first quarter of 2026, surpassing analyst expectations of around $29 billion.
According to the company’s results, the figure represents a 26% year-over-year increase despite a nearly 30% decline in Saudi oil production, which fell from 10.4 million barrels per day to 7.25 million barrels per day during the period.
The strong performance was supported by a 43% surge in Brent crude prices following heightened regional tensions and Iran’s closure of the Strait of Hormuz, which disrupted global energy markets.
Reports also indicated that Saudi Arabia redirected part of its oil shipments through the Red Sea in an effort to maintain supply stability amid ongoing geopolitical challenges.