Oil giant Aramco reports record first quarter as oil prices soar

Oil giant Aramco reported a more-than 80% jump in net profit Sunday, topping analyst expectations and setting a new quarterly earnings record since its IPO.

The Saudi Arabian behemoth said net income rose 82% to $39.5 billion in the first three months of the year, up from $21.7 billion over the same period last year. Analysts polled by Reuters had forecast net income of $38.5 billion dollars. 

The record quarter for Aramco comes amid a standout quarter for Big Oil, which is benefiting from a sharp rise in oil and gas prices. Aramco said its earnings were driven by higher…