DUBAI (May 15): State-owned oil producer Saudi Aramco on Sunday reported an almost 82% rise in first-quarter (1Q) net profit, broadly in line with analyst forecasts, helped by strong oil prices. The world's top oil exporter was forecast to post a net income of US$38.5 billion, according to a median estimate from 12 analysts provided by the company. Brent crude prices ended 1Q up almost 70% to US$107.91 a barrel from end of March 2021. Aramco said it saw improved downstream margins in 1Q and is looking to develop opportunities in the downstream sector. Shares of the company have risen 37% since the start of the year, outperforming the Saudi index which is up nearly 14%.
