Saudi oil giant Aramco reports $42.4bn profit as energy prices surge

Aramco has reported huge profits (Amr Nabil/AP)

Oil giant Saudi Aramco has reported a $42.4bn profit in the third quarter of this year, buoyed 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 assertive Crown Prince Mohammed bin Salman’s plans for a futuristic city on the Red Sea coast, but also comes as the US grows increasingly frustrated by higher prices at the pump eating into American consumer’s wallets.