Aramco, also known as the Saudi Arabian Oil Co., announced Sunday its net profit doubled last year as global growth recovered from the coronavirus downturn.
Aramco, also known as the Saudi Arabian Oil Co., announced Sunday its net profit doubled last year as global growth turned the corner from the coronavirus downturn.
Regarded as the crown jewel of Saudi Arabia’s oil-dependent economy, its success comes as one of the world’s largest producers of gas and one of the biggest oil producers, Russia, is grappling with mounting Western sanctions. Renewed anxieties about global supply shortages, soaring oil prices and a recovery in fuel demand from the pandemic are predicted to combine in coming months to help drive prices upwards again.
“Our strong results are a testament to our financial discipline, flexibility through evolving market conditions and steadfast focus on our long-term growth strategy,” Aramco president and CEO Amin Nasser said, acknowledging also that “economic conditions have improved considerably.” Leaders from Saudi Arabia and the United Arab Emirates have reportedly refused to take phone calls from President Joe Biden during the Ukraine crisis, after he snubbed them repeatedly during the first year of his administration.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Aramco 2021 profit soars on higher oil pricesSaudi Arabian state oil giant Aramco on Sunday reported a more than doubling of annual net profit in 2021, boosted by higher energy prices.
Read more »
Aramco fuels Saudi index as 2021 profit soarsSaudi Arabian stocks ended higher on Sunday after full-year profit from state oil producer Saudi Aramco more than doubled to beat forecasts while other Gulf markets were mixed.
Read more »
Saudi Aramco's Full-Year Profit More Than Doubles on Soaring Oil PricesSaudi Arabian oil giant Aramco reported blowout full-year earnings on Sunday, posting a more than doubling in year-on-year net profit to $110 billion.
Read more »
Ukraine war ups pressure for US oil; industry faces hurdlesPresident Joe Biden’s move last week to ban oil from Russia over its invasion of Ukraine was met with calls to boost U.S. production to help bring down soaring gasoline prices.
Read more »
Crude logic: 3 reasons why Alaska's oil can't replace Russian imports - Alaska Public MediaAlaska’s elected leaders say we should produce more oil on the North Slope to make up for the ban on importing Russian crude. But energy experts says it’s not so simple.
Read more »
Looming oil crisis has energy watchdog begging people to drive lessDrive less, energy watchdog says
Read more »