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Saudi Aramco had record profit of R$834 billion last year

Oil company Saudi Aramco had a profit of US$ 161 billion (R$ 834 billion) in 2022, the highest annual result ever recorded by a publicly traded company, which attracted criticism from activists.

The value represents an advance of 46.5% compared to 2021, when the company recorded a positive result of US$ 110 billion (R$ 570 billion).

The gains came after the rise in energy prices with the war in Ukraine, which began in February 2022, and sanctions that limited the sale of oil and natural gas from Moscow in Western markets.

In 2020, the company had profited US$ 49 billion (R$ 254 billion), when the world was going through the worst moment of the pandemic, with travel interruptions and briefly negative oil prices.

Aramco reported production of around 11.5 million barrels a day in 2022 and said it expects to reach 13 million barrels a day by 2027. To increase that output, the company plans to spend up to $55 billion ) this year in capital projects.

The oil company expects to increase its production to take advantage of market demand, as China reopens the economy due to restrictions lifted in the fight against the coronavirus.

The Chinese return could raise the billions needed to pay for Crown Prince Mohammed bin Salman’s plans to develop futuristic cityscapes to wean Saudi Arabia away from oil.

These plans come despite international concerns about burning fossil fuels accelerating climate change. Higher energy prices have already strained relations between Riyadh and Washington, as well as increasing inflation around the world.

Source: CNN Brasil

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