DUBAI, United Arab Emirates—Saudi energy company Aramco said Sunday its profits jumped 90 percent in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion. Major oil companies had a strong quarter with Exxon Mobil booking an unprecedented $17.85 billion profit while Chevron made a record $11.62…

Ben van Beurden, the CEO of Shell, recently warned about the low spare capacity in the oil markets and raised doubts about replacing Russian gas with LNG in Europe. “I do believe that we’re going to be facing quite a bit of uncertainty in markets for some time to come,” van Beurden told reporters, according…

After Saudi Arabia announced a rise in crude prices for July, crude oil futures in the United States hit their highest level in nearly three months. West Texas Intermediate crude futures hit a three-month high of $120.99 per barrel on Monday, and were trading at $119.28 per barrel at 04:58 a.m. EDT. Meanwhile, Brent crude…

Saudi Arabia plans to sell a 1 percent stake in Aramco, the world’s largest oil company. Based on the company’s market value, the potential sale could be worth $19 billion. It is believed that the Chinese Communist Party’s sovereign wealth fund China Investment Co., Ltd. (CIC) is most likely to reach a deal with Aramco….