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Aramco Saudi oil company with record profits from oil sales

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The Saudi oil company Aramco reported record profits for 2022. The Saudis earned $161.1 billion. Revenue increased by 46 percent. compared to the same period in 2021, the company said on Sunday. The increase in sales and oil prices, which boosted the company’s income, is a derivative of the war in Ukraine.

Like other oil giants – Shell, Chevron, ExxonMobil, TotalEnergies and PB – whose profits totaled about $151 billion last year, Aramco is benefiting from a significant increase in demand for the raw material caused by the war and sanctions imposed on Moscow.

Aramco’s capital expenditures increased by 18%. to $37.6 billion in 2022, and the company said it expected spending to be around $45.0 billion to $55.0 billion this year, including external investments.

Aramco declared dividend of $19.5 billion for the fourth quarter, an increase of 4%. compared to the previous quarter. Aramco’s income revived the importance the kingdom’s economic growthwhich GDP according to estimates, it increased by 8.7 percent in 2022. and it was the largest such increase among countries G20.

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Tensions between Washington and the Saudis

Global oil prices remain high because the countries of the OPEC+ group to which it also belongs Russiasupport them by limiting the extraction of the raw material, which led to tensions between Riyadh, the informal leader of the cartel, and Washington. Economic situation on the market of energy resources it also contributed to the increase in the sale of Iranian oil. Minister Iran From March 2022 to March 2023, the country exported 190 million barrels more than in the same period a year earlier, the oil minister Javad Ovji said on Sunday.

Main photo source: Shutterstock

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