Saudi oil giant Aramco yesterday announced record profits of £134billion for 2022, helped by soaring energy prices.

It represents a 46.5% rise compared with the year before.

The BBC says it is the latest energy firm to report record profits, after energy prices spiked following Russia's invasion of Ukraine in February 2022.

The Saudi Government owns nearly 95% of the shares in Aramco.

"Aramco rode the wave of high energy prices in 2022," said Robert Mogielnicki of the Arab Gulf States Institute in Washington.

"It would have been difficult for Aramco not to perform strongly in 2022."


In a statement yesterday, Aramco said the company results were "underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products".

Aramco's president and CEO Amin Nasser said: "Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real - including contributing to higher energy prices."

To address those challenges, he said, the company would not only focus on expanding oil, gas and chemicals production - but also invest in new lower-carbon technologies.

Aramco - the world's second-most valuable company only behind America's Apple - is a major emitter of greenhouse gas emissions that contribute to climate change.

Saudi Arabia is the largest producer in the oil cartel Opec (Organisation of the Petroleum Exporting Countries).

Also yesterday, Iran said its oil exports had reached their highest level since the re-imposition of US sanctions in 2018.

83million barrels

Oil Minister Javad Owji said exports increased by 83million barrels in 2022 compared with the previous 12 months.

Analysts say the rise is due to greater shipments to Iranian allies China and Venezuela.

Tehran's export revenues took a significant hit after then-US President Donald Trump pulled out of a landmark nuclear deal five years ago.

The US sanctions, coupled with economic mismanagement and corruption, have meant that the Iranian economy has not had any substantive growth in the past decade.

And, by some measures, it is still 4-8% smaller than it was back in 2010.

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