Saudi Aramco's earnings rose 158% year-on-year in the third quarter on higher oil prices and volumes sold as the global economy recovered.

Aramco's net income was $30.4 billion in the third quarter, up from $11.8 billion in Q3 last year, with free cash flow more than doubling to $28.7 billion. Shareholders will receive $18.8 billion in dividends.

Saudi oil giant has attributed the growth as saying, "the increase in net income was primarily the result of higher crude oil prices and volumes sold.”

It also cited "stronger refining and chemicals margins in Q3, which were underpinned by rebounding global energy demand and increased economic activity in key markets".

The latest rise comes after profits nearly quadrupled in Q2 as the world economy bounced back from the Covid crisis, lifting demand and pushing oil prices back above $80 a barrel.

"Some headwinds still exist for the global economy, partly due to supply chain bottlenecks, but we are optimistic that energy demand will remain healthy for the foreseeable future," Aramco chief executive Amin Nasser said.