As the global economy awakens from the coronavirus-induced slumber, Saudi Arabia Oil Co., aka Aramco, is springing back as well, reporting its first quarter profits jumped 30% from a year ago, sharply surpassing expectations.

Aramco

“Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming,” CEO Amin H. Nasser said. “And while some headwinds still remain, we are well positioned to meet the world’s growing energy needs as economies start to recover.”

Momentum provided by the global economic recovery “has strengthened energy markets, and Aramco’s operational flexibility, financial agility and the resilience of our employees have contributed to a strong first quarter performance,” he noted. 

“We made...