Aramco’s Actions Undercut Its Rosy Predictions

The world’s largest energy company says it is bullish on the future of oil—but its actions don’t look quite so certain.

Saudi Aramco posted record quarterly results, earning profits of $48 billion in the second quarter because of higher prices and refining margins, low inventories and “geopolitical events.” The producer realized an average price of $113.20 a barrel of crude, compared with $67.90 in the same quarter last year.