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Quoting Saudi Crown Prince Mohammed Bin Salman, SPA reported that the "transfer of four per cent of Aramco shares to the Public Investment Fund... is part of the kingdom's long-term strategy to support the restructuring of its economy".
Saudi Aramco on Sunday posted an 82 per cent jump in first quarter profits, buoyed by a global surge in oil prices that has made it the world’s most valuable company.
Major oil producers led by Saudi Arabia and Russia agreed on Thursday to open the taps wider than expected amid soaring prices and hard on the heels of an EU ban on Russian oil imports.