{"text":[[{"start":8.7,"text":"Saudi Aramco’s earnings rose in the first three months of the year as shipments via its east-west pipeline allowed it to mitigate the impact of conflict in the Middle East."}],[{"start":18.049999999999997,"text":"The Saudi oil company’s adjusted earnings in the first quarter stood at $33.6bn, 26 per cent higher than the same period last year, it said in a statement."}],[{"start":28.4,"text":"“Our east-west pipeline, which reached its maximum capacity of 7mn barrels of oil per day, has proven itself to be a critical supply artery,” said Aramco president and chief executive Amin Nasser."}],[{"start":41.65,"text":"Saudi Arabia depends heavily on revenues from the company. The results suggest higher oil prices and strong refining margins have offset some of the impact from attacks on its energy infrastructure and the halt to exports through its Gulf ports."}],[{"start":56.2,"text":"Aramco ordinarily exports most of its oil from the Gulf but Iran’s control of the Strait of Hormuz since the outbreak of war on February 28 has meant it can only ship from its west coast. It has been pumping as much oil as possible through the cross-country pipeline that supplies the Red Sea port of Yanbu."}],[{"start":73.7,"text":"While Aramco said the pipeline had reached maximum capacity during the quarter, it did not comment on its average utilisation or total shipments via that route."}],[{"start":83.15,"text":"Crude shipments averaged 3.3mn barrels a day in March, about half the volumes Saudi Arabia shipped the previous month, according to data compiled by oil research group Kpler. "}],[{"start":93.60000000000001,"text":"Despite lower volumes in March, Saudi Aramco managed to sell more oil in the first three months of the year overall than in the same period last year, according to a Saudi stock exchange statement."}],[{"start":105.00000000000001,"text":"Aramco rushed to export as much as possible in the weeks leading up to the conflict amid fears of a US-Israeli strike on Iran. "}],[{"start":112.70000000000002,"text":"The conflict also pushed international oil prices higher making the crude Aramco was able to export in March more valuable. The global oil benchmark Brent traded at about $100 a barrel in March, around 44 per cent higher than the previous month. "}],[{"start":127.75000000000001,"text":"Aramco said its domestic and international storage capacity had also given it flexibility to handle disruption from the war. It did not comment in the results on damage to its infrastructure due to the war."}],[{"start":139.75,"text":"“Aramco’s first-quarter performance reflects strong resilience and operational flexibility in a complex geopolitical environment,” said Nasser."}],[{"start":149.5,"text":"“Recent events have clearly demonstrated the vital contribution of oil and gas to energy security and the global economy, and are a stark reminder that reliable energy supply is critical.”"}],[{"start":160.1,"text":"Saudi Arabia is ordinarily the world’s biggest oil exporter but the US has overtaken the kingdom as its output is unaffected by the Gulf’s disruptions. US producers have moved to capitalise on higher global prices arising from the conflict."}],[{"start":175.35,"text":"Separately, ship tracking data appeared to show that Qatar had managed to send its first liquefied natural gas tanker through the Strait of Hormuz on Sunday. "}],[{"start":184.9,"text":"The Al Kharaitiyat, which loaded in Qatar earlier this month, was displaying its location as in the Gulf of Oman and its destination as Port Qasim in Pakistan, according to data from Kpler’s commodity terminal. "}],[{"start":199.8,"text":"The ship is at least the third LNG carrier to have run the gauntlet in recent days, raising hopes of a tentative restart to shipments from the Gulf. "}],[{"start":217.85,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1778457424_5888.mp3"}