Saudi Aramco reroutes shipments to Yanbu, considers pipeline expansion
Saudi Aramco is stepping up its game as the Iran war makes shipping oil trickier.
It is now sending more shipments through its Yanbu port instead of the risky Strait of Hormuz.
CEO Amin Nasser says it is "actively increasing optionality," and is looking at ways to expand its capacity, including potentially increasing the size of the east-west pipeline, to keep exports steady.
Saudi Aramco posts $33.4B last-quarter profit
Even with recent attacks on its facilities, Aramco hasn't missed a beat: operations and finances are stable.
The company can still pump out 12 million barrels a day and could ramp up to that level within three weeks if requested by the government.
Thanks to higher oil prices, Aramco's profits jumped 33% last quarter, hitting $33.4 billion, even though actual production dipped.