Aramco, also known as the Saudi Arabian Oil Co., announced Sunday its net profit doubled last year as global growth recovered from the coronavirus downturn.
Aramco, also known as the Saudi Arabian Oil Co., announced Sunday its net profit doubled last year as global growth turned the corner from the coronavirus downturn.
Regarded as the crown jewel of Saudi Arabia’s oil-dependent economy, its success comes as one of the world’s largest producers of gas and one of the biggest oil producers, Russia, is grappling with mounting Western sanctions. Renewed anxieties about global supply shortages, soaring oil prices and a recovery in fuel demand from the pandemic are predicted to combine in coming months to help drive prices upwards again.
“Our strong results are a testament to our financial discipline, flexibility through evolving market conditions and steadfast focus on our long-term growth strategy,” Aramco president and CEO Amin Nasser said, acknowledging also that “economic conditions have improved considerably.” Leaders from Saudi Arabia and the United Arab Emirates have reportedly refused to take phone calls from President Joe Biden during the Ukraine crisis, after he snubbed them repeatedly during the first year of his administration.
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