Saudi ARAMCO, the largest oil company in Saudi Arabia, has
broken its own record by earning a profit of 48 billion 40 million dollars in
the second quarter of 2022.
That's a 90 percent year-on-year increase and the world's
largest energy exporter's biggest ever revenue.
Oil and gas prices have skyrocketed since Russia's invasion
of Ukraine.
Russia is one of the world's largest oil exporters, but
Western countries have announced plans to reduce their dependence on Russia for
energy.
According to Bloomberg, the Saudi company's profit is the
largest quarterly profit of any company listed on the stock market.
In addition to the record profit, the state-owned company
also announced that it will keep its dividend unchanged at $18.8 billion in the
third quarter.
The company also says it will continue to expand its
operations to meet demand.
Amin Nasr, President and Chief Executive of Aramco, said,
"While global market volatility and economic uncertainty remain, the
events of the first half of this year reinforce our view that investment in our
industry is Continuity is essential to ensure an abundant supply of supplies to
markets and a smooth transition to alternative energy.'
He added that in fact he expects oil demand to continue to
grow for the next decade despite negative economic forecasts.
It should be noted that before the Russian invasion of
Ukraine, oil prices were rising as global demand for oil was increasing during
the recovery period from Covid-19 while its supply was low.
ExxonMobil, Chevron and BP, the world's biggest oil
producers, have all posted huge profits this year, prompting calls for
governments to impose heavy taxes on these companies.
In June, US President Joe Biden said that ExxonMobil had
"made more money than God this year."
Saudi Arabia is the largest producer of OPEC. Last week,
OPEC+ approved a modest increase in oil production to bring down high prices.
But despite this, the latest increase in production is also quite slow compared
to recent months.
The decision was a blow to many world leaders, including
President Joe Biden, as they have been calling for increased oil production.
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