Oil giant tops own record with $48.4bn quarterly profit

Saudi oil giant Aramco has broken its own record with a $48.4bn (£40bn) profit for the second quarter of 2022.

It is a 90% year-on-year increase and marks the biggest earnings for the world’s largest energy exporter since its public listing three years ago.

Russia’s invasion of Ukraine has seen oil and gas prices skyrocket.

Russia is one of the world’s biggest exporters but Western nations have pledged to curb their dependence on the country for their energy needs.

As well as the record profits, the state-owned Saudi energy giant announced it…