Oil and gas group Saudi Aramco made a record profit of 161 billion dollars (more than 151 billion euros) last year. That is almost half more than the profit in 2021.
The Saudi state oil company made a profit thanks to the rise in oil prices. The company was also able to lose more oil because countries purchased less Russian oil. In addition, prices for refined oil products rose sharply.
Saudi Aramco decided to increase its dividend, which is an important source of income for the government of Saudi Arabia, by 4 percent compared to the third quarter.
Other major oil companies such as BP, Shell, ExxonMobil and Chevron also achieved record profits in 2022. Due to the war in Ukraine and Western sanctions against Russia, oil prices rose sharply in that year. On the other hand, demand for oil declined precisely because of Chinese corona lockdowns and prices fell due to concerns about an economic downturn.
Saudi Aramco CEO Amin Nasser warned that underinvestment in fossil fuels is contributing 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.
