Oil and gas group Saudi Aramco posted a record profit of $ 161 billion last year. Converted, this is more than 151 billion euros. The Saudi state oil company made that profit, which was almost half higher than in 2021 due to the sharp rise in oil prices.
Saudi Aramco was able to sell more oil because Western countries and some Asian allies wanted to purchase less Russian oil. Prices for refined oil products also rose sharply. The company therefore decided to increase the dividend, by 4 percent compared to the third quarter. That dividend is an important source of income for the government of Saudi Arabia.
trend
Saudi Aramco’s annual figures fit a trend. Other major oil companies such as BP, Shell, ExxonMobil and Chevron also achieved record profits in 2022. In that year, oil prices rose sharply due to the war in Ukraine and Western sanctions against Russia. But Chinese corona lockdowns actually reduced demand for oil and concerns about an economic downturn also negatively affected prices.
CEO Amin Nasser warned of the risk of underinvestment in fossil fuels. This, he says, contributes to higher oil prices. According to him, oil and gas will be essential for the economy for years to come. At the same time, Nasser announced that his company is investing in clean energy. But a large part of those investments goes to capturing CO2 emissions, which critics say is not a sustainable solution.
