DUBAI—Saudi Arabia’s national oil company reported record quarterly profit on high crude prices, feeding a vault of cash the kingdom’s young ruler is using to build new momentum for reforms and strengthen his geopolitical position with the U.S. and Russia.
Saudi Arabian Oil Co., known as Aramco, said Sunday that its income jumped 90% to $48.4 billion in the three months ending in June from the same period a year earlier, due to higher crude-oil prices and stronger refining profit.
