Oil giant Saudi Aramco notches up nearly £134bn profit in 2022By Jon Gambrell, Associated PressOil giant Saudi Aramco has reported that it made a 161 billion US dollar (£133.8 billion) profit last year. The firm, known formally as the Saudi Arabian Oil Co, said in its annual report that higher crude oil prices propelled its profits. In 2021, Aramco declared profits of 110 billion dollars (£91.4 billion), compared with 49 billion dollars (£40.7 billion) in 2020 when the world faced the worst of the coronavirus pandemic lockdown, travel disruptions and oil prices briefly going negative. Aramco, whose fortunes hinge on global energy prices, announced a record 42.4 billion dollars (£35.2 billion) profit in the third quarter of 2022 on the back of that price spike. President Joe Biden had warned the kingdom that “there’s going to be some consequences for what they’ve done” in terms of oil prices.

Source: Irish Independent March 12, 2023 23:12 UTC