Oil giant Saudi Aramco has $42.4B profit in third quarter

TL;DR

DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, a 39% bump buoyed by the higher global energy prices that have filled the kingdom's coffers but helped fuel inflation worldwide.The oil firm's profits will help fund the kingdom's assertive Crown Prince Mohammed bin Salman's plans for a futuristic city on the Red Sea coast, but also comes as the U.S. grows increasingly frustrated by higher prices at the pump chewing into American consumer's wallets.The sliver of Aramco that the kingdom has put on Riyadh's Tadawul stock market stood at $9.29 a share before trading Tuesday — putting its valuation at just over $2 trillion.In Washington, anger has grown with Saudi Arabia, particularly from President Joe Biden, who traveled to the kingdom in July and shared a fist bump with Crown Prince Mohammed.That's even after he called the kingdom “a pariah” over Saudi security forces killing Washington Post columnist Jamal Khashoggi in 2018 — a slaying American intelligence agencies believe came at the crown prince's orders."

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