Saudi oil giant Aramco posts record $161 billion profit
Saudi Aramco, the world’s largest oil producer, announced on Sunday that it made a record profit of $161.1 billion in 2022, a 46.5% increase from the previous year. The company attributed its stellar performance to higher oil prices and volumes, as well as lower costs and improved operational efficiency.
The company’s impressive performance comes as oil prices have soared in recent months due to geopolitical tensions, supply disruptions and rising demand. The invasion of Ukraine by Russia in January 2023 triggered a surge in oil and gas prices, as well as sanctions and counter-sanctions that disrupted global energy markets. Aramco said it was able to maintain its production levels and meet its customers’ needs despite the challenging environment.