The world’s largest listed oil company, Saudi Aramco, is again in the spotlight. The company’s results, released on 3 November, clearly offer an uncomfortable lesson in wartime economics. Yes, an oil company can post higher profits even as its physical operating position deteriorates. Higher prices can counter lost production; exceptional accounting gains can lift headline earnings. Still, none of these proves the underlying business is secure. Aramco reported third-quarter net income of $36.25 billion, up 34.5% year-on-year. However,…

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