Saeed Azhar and Hadeel al Sayegh

DUBAI, (Reuters) –State-owned oil producer Saudi Aramco (TAWAUL:) Sunday’s report showed a 82% jump in net profit for the first quarter. The increase was broadly consistent with analyst predictions, and heavily influenced by high oil prices.

Aramco’s net income for the three months to March 31, 2018, was $39.5 billion, up from $21.7 million a year ago.

According to 12 analyst estimates, the world’s largest oil exporter is expected to earn $38.5 billion in net income.

Aramco was listed with the transfer of 1.7% to regional institutions.

With rising commodities prices and Shell’s (LON) write-offs, global energy companies like BP have enjoyed their best earnings in more than a decade.

Prices rose almost 70% in the quarter ended March 2021 to $107.91 per barrel

OPEC+ was able to agree to a slight increase in monthly oil output. This month, it said that Russia’s disruptions have not caused the rise of prices. The group also stated that China’s coronavirus lockdowns were threatening demand.

According to market expectations, the company declared $18.8bn in dividends for the second quarter and authorized the distribution of 1 bonus share for each 10 shares.