Last year, Saudi Aramco made as much profit as the five largest publicly traded Western oil companies combined – Business AM

I look like Andrei Stiru
published on Sunday, March 12, 2023 To 14:58 •
4 min read

Saudi oil giant Saudi Aramco, the world’s second-highest-listed company after tech giant Apple, made 46% more profit last year than in 2021.

Why is this important?

Since the start of the war in Ukraine, relations in the world energy market have changed forever. As a result, energy prices, mainly in Europe but also elsewhere, have risen sharply. If this is not good news for households, it is another story for oil and gas companies.

In the news : Saudi Aramco made a net profit of $161.07 billion (€151 billion) in 2022, up from $110 billion in 2021. That’s more than the five largest Western oil companies combined.

• According to the company, this increase is due to “the effect of higher crude oil prices and volumes sold, as well as higher refining margins.”
• Saudi Arabia did not suffer. The country’s GDP increased

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