Saudi Arabia’s state-owned oil producer posted record profits for 2022, up nearly 50% year/year, lifted by soaring oil and natural gas prices.

Saudi Aramco

Saudi Arabian Oil Co., better known as Aramco, tripled the 2022 profit recorded by ExxonMobil, lifted by higher sales volumes and improved margins for refined products. Commodity prices surged early in the year following Western sanctions on Russia following its invasion of Ukraine.

“Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world,” CEO Amin H. Nasser said. “We also continued to focus on our long-term strategy, building both capacity and capability across the value chain with the aim of addressing energy security and sustainability.

[Decision Maker: A...