The energy markets saw a strong recovery in the first quarter of 2021 due to the ongoing re-balancing of supply and demand fundamentals, in addition to improved sentiment for an increase in global demand spurred by ongoing vaccination programs. This led to a steady increase in crude oil prices, while discipline from refiners and petrochemicals producers helped improve margins. Capitalizing on these increasingly encouraging market conditions, Aramco delivered strong quarterly earnings and cash flows, while maintaining its low Upstream production cost and high level of operational agility.
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