Oil giant Saudi Aramco announces record profit of $161bn in 2022

In this photo illustration the logo of “Saudi Aramco”, the national oil and gas company of Saudi Arabia [Ali Balıkçı/Anadolu Agency]

Oil giant, Saudi Aramco, said earning reached $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists, AP reports.

The profit by the firm came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022, with sanctions limiting the sale of Moscow’s oil and natural gas in Western markets.

According to the report, Aramco also hopes to increase its production to take advantage of market demand as China re-enters the global market after lifting its coronavirus restrictions.

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