Saudi oil giant Aramco announced on Sunday that net profit rose 46% in 2022, thanks to rising crude prices after the war in Ukraine, which boosted the economy of the world’s largest crude exporter. The company, largely owned by the Saudi state, posted net profit of $161.1 billion last year, up from $110 billion in 2021, according to a press release posted on the Riyadh stock exchange.
These results were mainly due to “higher oil prices and volumes sold, and better refining margins,” Aramco said. These are the Saudi oil giant’s highest earnings since its December 2019 IPO, according to the statement.
price peak
Like the greats Shell, Chevron, ExxonMobil, TotalEnergies and PB, which made record profits of $151 billion in 2022, Aramco has benefited from the strong recovery in oil demand after the pandemic and the increase in prices after the pandemic. the coronavirus crisis. Russia. Aramco’s revenues have fueled economic growth in the Gulf kingdom, whose GDP grew 8.7% in 2022, according to official estimates, the highest rate among G20 countries.
While oil prices have fallen from the 2022 peaks, they should remain high this year, supported in particular by the production cut approved last October by OPEC+, the alliance of exporting countries led by Riyadh and Moscow. This decision was harshly criticized at the time by Washington.
Aramco’s oil facilities have suffered from drone and missile attacks in recent years claimed by Iranian-backed Houthi rebels in neighboring Yemen. But the restoration of diplomatic ties between Riyadh and Tehran, announced on Friday after seven years of rupture, could reduce these risks in the coming months.
Source: BFM TV
