Saudi Aramco has harvested a record first-quarter profit of $39.5 billion from soaring oil prices, just days after surpassing US electronics giant Apple as the world's most valuable company.

The state-owned company’s net income was almost 82% higher than the $21.7 billion it made in the same quarter of 2021.

Rocketing energy prices and growing aversion to Russian barrels in western markets allowed Aramco to take advantage of its position as the world’s biggest oil exporter with a higher share of volumes and improved refining margins.