The world's biggest oil company says it made $161 billion in profits in 2022 — a whopping figure for its main shareholder, the Saudi government. Reporter ayaelb has 4 takeaways on what that means.
Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. Oil giant Saudi Aramco said Sunday, March 12, 2023, it earned a $161 billion profit last year, attributing its earnings to higher crude oil prices.Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021.
Aramco's CEO Amin Nasser said in the company's full-year earnings statement that the eye-popping $161.1 billion in profits recorded in 2022 were a result of stronger crude oil prices, higher volumes sold and improved margins for refined products. What that means for Saudi Crown Prince Mohammed is that when oil prices are high, Aramco earnings are too. And that means more money can be funneled into the Public Investment Fund , Saudi Arabia's sovereign wealth fund spearheaded by the crown prince.
Saudi Arabia also profits from an oil pact with Russia. Saudi Arabia is the OPEC oil cartel's biggest producer and has maintained an alliance with non-OPEC oil producers led by Russia. The so-called OPEC+ agreement has curbed oil production since 2019 to keep energy prices buoyed.
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