January 14, 2025

Saudi Aramco achieved a record $161 billion oil profit.

2 min read

Amnesty International condemned the “alarming” annual earnings from fossil fuel sales.

Experiencing a surge in energy prices and buoyed by increasing global demand, Saudi Aramco, predominantly state-owned and listed on the Riyadh stock exchange, has disclosed a historic annual profit of $161 billion (£134 billion) in 2022. This marks the highest profit ever recorded by an oil and gas company, reflecting a notable 46% surge compared to the previous year. Remarkably, the company’s profits have outpaced the combined robust results recently announced by Shell, BP, Exxon, and Chevron.

As stated by Amin Nasser, the CEO of Saudi Aramco, listed on the Riyadh stock exchange, the exceptional financial performance in 2022 can be attributed to the robust oil prices resulting from the escalating global demand.

Presently the second most valuable publicly traded company globally, trailing only Apple, Saudi Aramco attributes its financial prosperity to a blend of heightened crude oil prices, increased sales volumes, and enhanced margins for refined products. Despite the regression of Brent crude oil prices from $120 per barrel to $82 per barrel due to Russia’s invasion of Ukraine, the company remains committed to investing in expanding its maximum production capacity to 13 million barrels per day by 2027. Saudi Aramco has verified that its capital expenditure increased by 18% to $37.6 billion in the previous year and is anticipated to rise to a range between $45 billion and $55 billion in the coming years.

According to Nasser, their objective extends beyond merely augmenting the production of oil, gas, and chemicals. They also aim to channel investments into new technologies that are less carbon-intensive and possess the potential to curtail emissions in both their operations and the end-users of their products.

Amnesty International characterized the profits of Saudi Aramco as “alarming” and recommended that they be employed to fund a transition to renewable energy grounded in principles of human rights.

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