State-owned Saudi Arabian Oil Co., aka Aramco, scored lucrative profits in 2021, which are set to fuel its standing as an even more consequential player in the global oil and natural gas markets over the next decade.

Saudi Aramco

Aramco, owned by the Saudi royal family, said profits climbed 124% year/year. The gains came from strong oil demand as global economies recovered and pandemic-era restrictions were eased, management noted. 

“Although economic conditions have improved considerably, the outlook remains uncertain due to various macro-economic and geopolitical factors,” CEO Amin H. Nasser said. “But our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy. 

“We recognize that energy security is paramount...