Saudi Aramco reported a profit of more than 160 billion dollars

Saudi oil giant Aramco announced a record profit of $161.1 billion for 2022 thanks to rising energy prices and higher volumes sold. This represents a 46.5 percent increase in profit compared to the previous year.

Aramco is one of several energy companies to report record profits for the past year after energy prices rose following the start of the war in Ukraine and the imposition of Western sanctions. The BBC reports that the American company ExxonMobil earned $55.7 billion, and the British Shell earned $39.9 billion.

The Saudi company announced dividends of 19.5 billion dollars for the last quarter of last year. Most of it will go to the Saudi government, which owns about 95 percent of Aramco’s shares. Brent crude oil, currently trading at around $83 a barrel, cost more than $120 last month.

Aramco said stronger crude oil prices drove the company’s results, higher volumes of oil sold, and improved margins for refined products. Company President and CEO Amin Nasser stated that the risks of insufficient investment in the industry are real, as gas and oil will remain essential for the foreseeable future.

Aramco will focus on enlarging its production of oil, gas, and chemicals and investing in innovative low-carbon technologies to confront the hardships it is currently facing. The second most valuable company in the world, after the American company Apple, is a major emitter of greenhouse gases.

Saudi Aramco increased crude oil prices for customers in Europe and Asia

Saudi Arabia has signaled that it expects demand for oil to grow in Asia and Europe by raising most prices for crude oil shipments to those regions, writes SeeBiz.

Many energy traders and policymakers anticipate that, despite a minor decline in oil futures this year, the price could rise to $100 a barrel as China’s economy regains strength after removing pandemic-related restrictions and inflation decreases in other foremost economies.