DUBAI, United Arab Emirates—Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, a 39 percent bumpbuoyed 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 Crown Prince Mohammed bin Salman’s plans for a futuristic city on the Red Sea coast, but also comes as the United States grows increasingly frustrated by higher prices at the pump chewing into American consumer’s wallets.
