Oil giant Saudi Aramco said Sunday it earned a $161 billion profit last year, attributing its earnings to higher crude oil prices. Know more:
Benchmark Brent crude oil now trades around $82 a barrel, though prices had reached over $120 a barrel back in June. Aramco, whose fortunes hinge on global energy prices, off the back of that price spike.
the kingdom said the Biden administration sought to delay a decision by OPEC and allies including Russia to cut production President Joe Biden had warned the kingdom that “there’s going to be some consequences for what they’ve done” in terms of oil prices. However, those consequences have yet to be seen as . U.S. gasoline prices now stand on average at $3.47 a gallon, down just about a dollar from last year.
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