Saudi Aramco reports earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company.
“Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real — including contributing to higher energy prices,” Saudi Aramco CEO and President Amin H. Nasser said in a statement.It earned $49 billion in 2020
when the world faced the worst of the coronavirus pandemic lockdown, travel disruptions and oil prices briefly going negative. Aramco put its crude production at around 11.5 million barrels a day in 2022 and said it hoped to reach 13 million barrels a day by 2027.March 10, 2023Aramco also declared a dividend of $19.5 billion for the fourth quarter of 2022, to be paid in the first quarter of this year.. But the sheer size of the $161 billion profit overshadowed even its own previous results, as well as records by Apple, Vodafone and the U.S. Federal National Mortgage Association, or Fannie Mae.
Those high prices have further strained ties between the kingdom and the United States, traditionally a security guarantor among the. Before the midterm elections in November, the kingdom said the Biden administration sought to delay a decision by OPEC and allies including Russia to cut production that could have kept gasoline prices lower for voters — making public the typically behind-the-scenes negotiations common in the region.
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