Aramco: Saudi Arabia's state-owned oil company reports record earnings of $161 billion

Saudi oil giant Aramco has announced a record profit of $161.1bn (£134bn) for 2022, helped by soaring energy prices and bigger volumes. It is the latest energy firm to report record profits, after energy prices spiked following Russia's full-scale invasion of Ukraine in February 2022. Aramco also declared a dividend of $19.5 billion for the October to December quarter of 2022, to be paid in the first quarter of this year. Most of that dividend amount will go to the Saudi Arabian government, which owns nearly 95% of the shares in the company. Aramco announced a record profit of $161 billion in 2017, driven by stronger crude oil prices, higher volumes sold and improved margins for refined products.

President and CEO Amin Nasser said the company would focus on expanding oil, gas and chemicals production and investing in new lower-carbon technologies. However, Aramco is a major emitter of greenhouse gas emissions that contribute to climate change. Amnesty International's Secretary General Agnès Callamard said the surplus was amassed during a global cost-of-living crisis and aided by the increase in energy prices resulting from Russia's war of aggression against Ukraine. Saudi Arabia is the largest producer in Opec and has been condemned for human rights abuses.