Saudi Oil Giant Aramco Reaps Record $161.1 Billion Profit in 2022
Staff Editor Saudi oil giant Aramco has posted record profits for 2022, with a total of $161.1 billion in earnings. This marks the highest annual profit ever reported by the company and is an impressive feat considering its already-massive size. The increase was largely due to higher energy prices and firmer sale volumes across its operations, both domestically and internationally.
The news comes as a welcome relief to Saudi Arabia’s economy, which had been struggling since the global pandemic began last year; however, it is also indicative of a larger trend in the industry that could be beneficial for other countries too: increased demand for oil products leading to higher prices on international markets.
Aramco CEO Amin Nasser said that despite challenging market conditions throughout 2020-2021, they were able to deliver strong results thanks to their focus on operational excellence, cost management, and efficiency initiatives implemented over several years prior – all of which have paid off handsomely now that demand has returned globally. He added that he expects these positive trends will continue into next year as well given current forecasts from analysts around world energy consumption levels going forward into 2023.
Read more at CNBC
