Aramco crude oil output falls 12%, profits soar 30% as OPEC cuts bite

London (Quantum Commodity Intelligence) - Crude oil output at the world's biggest producer fell more than 12% in the first quarter of the year to 8.6 million bpd, down from almost 10 million bpd in the previous corresponding quarter and 9.2 million bpd in 2020, the company said announcing a 30% rise in profits in a statement Tuesday.

The world's biggest oil producer booked $21.7 billion of net income in Q1, up 30% on the year as crude oil prices jumped almost 20% due to firmer demand and as the impact of the production cuts bit.

"Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming. And while some headwinds still remain, we are well-positioned to meet the world's growing energy needs as economies start to recover," Aramco president and CEO Amin Nasser said.

Capital expenditure for the quarter was up more than 10% to $8.2 billion from $7.39 billion a year earlier.