Oil giant Saudi Aramco has reported that profits surged to $161 billion last year off higher crude prices, a record result for an energy firm crucial to the country's economy. The firm -- formally the Saudi Arabian Oil Co. -- said on March 12 that the profit represented “its highest annual profits as a listed company." The announcement came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022, with sanctions limiting the sale of Moscow's oil and natural gas in Western markets. Aramco's results mirror the huge profits seen at U.S. and British oil giants. To read the original story from AP, click here.
Russia's War In Ukraine Helps Oil Giant Saudi Aramco Post Historic $161 Billion Profit In 2022
Saudi Aramco said the profit represented “its highest annual profits as a listed company." (file photo)