Getty Images/FileSaudi Aramco said on Sunday it achieved"record" profits totalling $161.1 billion last year, highlighting how a surge in oil prices after Russia invaded Ukraine spurred growth in the world's biggest crude exporter.
Aramco's gains are consistent with record profits for 2022 reported by the five oil majors - Shell, Chevron, ExxonMobil, BP and TotalEnergies - which surpassed $150 billion and would have been closer to $200 billion without costly withdrawals from Russia. "Aramco rode the wave of high energy prices in 2022. It's what the company is geared to do," said Robert Mogielnicki, of the Arab Gulf States Institute in Washington.Business Briefing
"I don't envision another record year for Aramco in 2023, but it could still be a solid performance," Mogielnicki said.Under Crown Prince Mohammed bin Salman, the de facto ruler, Saudi Arabia has sought both to open up and diversify its oil-reliant economy, spending heavily on much-hyped projects like a futuristic megacity known as NEOM.
Saudi Arabia has pledged to achieve net zero carbon emissions by 2060, drawing scepticism from environmental campaigners.
_Business This is why I hate the oil Gulf nations because they lack morality.
_Business inflation 👇🏾👇🏾🤬🤬🤬 'net income for 2022 was up 46% from $110 billion in 2021.'
_Business One man’s meat is another man’s poison 😅🤷🏽♂️
_Business In other words. 'We increased prices on purpose to exploit the situation and make record profits'
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