RIYADH: Saudi Aramco reported on Sunday that profits rose 46 percent last year, highlighting how a rise in oil prices after Russia invaded Ukraine boosted growth in the world’s biggest crude exporter. Gave.
The mostly state-owned energy giant, the world’s second most valuable company after Apple, said in a filing with the Saudi stock market that net income for 2022 was $161.07 billion, up from $110 billion in 2021.
The increase was “primarily due to the impact of higher crude oil prices and volumes sold, and stronger refining margins,” it said.
Aramco’s results are in line with the record profits for 2022 that five big oil companies — Shell, Chevron, ExxonMobil, BP and total energy — which exceeded $150 billion and would have been closer to $200 billion without the costly withdrawal from Russia.
He also boosted Saudi Arabia’s overall economic growth, which officials peg at 8.7 percent in 2022, the highest rate in the G20.
Energy prices are expected to remain elevated in 2023, partly because of production cuts approved last October by the OPEC+ cartel that Riyadh co-leads with Moscow – a move strongly criticized by Washington.
Aramco’s facilities have suffered drone and missile attacks claimed by Yemen’s Iran-backed Houthi rebels in the past, most recently about a year ago, but a 2016 deal between Riyadh and Tehran to restore diplomatic ties on Friday could reduce the risk in a surprise deal announced today. coming months.
Under Crown Prince Mohammed bin Salman, the de facto ruler, Saudi Arabia has sought to both open up and diversify its oil-dependent economy, spending heavily on much-hyped projects such as megacities of the future. Neom,
The mostly state-owned energy giant, the world’s second most valuable company after Apple, said in a filing with the Saudi stock market that net income for 2022 was $161.07 billion, up from $110 billion in 2021.
The increase was “primarily due to the impact of higher crude oil prices and volumes sold, and stronger refining margins,” it said.
Aramco’s results are in line with the record profits for 2022 that five big oil companies — Shell, Chevron, ExxonMobil, BP and total energy — which exceeded $150 billion and would have been closer to $200 billion without the costly withdrawal from Russia.
He also boosted Saudi Arabia’s overall economic growth, which officials peg at 8.7 percent in 2022, the highest rate in the G20.
Energy prices are expected to remain elevated in 2023, partly because of production cuts approved last October by the OPEC+ cartel that Riyadh co-leads with Moscow – a move strongly criticized by Washington.
Aramco’s facilities have suffered drone and missile attacks claimed by Yemen’s Iran-backed Houthi rebels in the past, most recently about a year ago, but a 2016 deal between Riyadh and Tehran to restore diplomatic ties on Friday could reduce the risk in a surprise deal announced today. coming months.
Under Crown Prince Mohammed bin Salman, the de facto ruler, Saudi Arabia has sought to both open up and diversify its oil-dependent economy, spending heavily on much-hyped projects such as megacities of the future. Neom,
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