Global petroleum demand should reach pre-pandemic levels by early 2022, putting Saudi Arabia’s state-owned oil company in a sweet spot as it boosts production, executives said Monday. 

Aramco Earnings

Saudi Arabian Oil Co., aka Aramco, saw a 288% jump in profits from a year ago as oil prices jumped. Petroleum consumption is rising as vaccination rates improve and travel expands, CEO Amin H. Nasser said during a quarterly conference call. 

Aramco’s solid results primarily were driven by higher oil prices and a recovery in worldwide demand, “supported by the global easing of Covid-19 restrictions, vaccination campaigns, stimulus measures and accelerating activity in key markets,” Nasser noted. 

“We are heading into the second half of 2021 more resilient and more flexible, as the...