Aramco, Saudi Arabia’s largest state-owned oil company, made a record $161 billion profit during the Russia-Ukraine war.
According to Aramco, the publicly listed company has achieved historic profits in 2022.
Energy prices have surged since Russia launched a war against Ukraine in February 2022 as sanctions curtailed Moscow’s sales of oil and natural gas to Western markets.
Aramco also hopes to increase its output in line with market demand as demand for oil in the global market continues to rise after the lifting of coronavirus restrictions.
This will give Saudi Crown Prince Mohammed bin Salman Arab billions of rupees to pay for projects to develop the city of the future.
In the year 2022, the company’s profit increased by 46.5% from the profit of 110 billion dollars in 2021. Saudi Aramco earned $49 billion in 2020 as the world faced the worst lockdowns of the coronavirus pandemic, travel disruptions and oil prices briefly turning negative.