Business Standard

Saudi Aramco 2021 profit soars on oil price hike, plans capex boost in 2022

Saudi Arabian state oil giant Aramco on Sunday reported a more than doubling of annual net profit in 2021, boosted by higher oil prices, and announced plans to sharply lift capital expenditure in 2022

Saudi Aramco
Premium

Aramco plans to raise crude oil "maximum sustainable capacity" to 13 million barrels a day by 2027.

Reuters Dubai
Saudi Arabian state oil giant Aramco on Sunday reported a more than doubling of annual net profit in 2021, boosted by higher oil prices, and announced plans to sharply lift capital expenditure in 2022.
 
The oil giant has benefited from a more than 50% rise in crude prices last year, as increased COVID 19 vaccination rates and loosening restrictions resulted in demand outpacing supply.
 
Oil prices surged past $100 a barrel last month after Russia invaded Ukraine, which Moscow calls a "special operation." Net profit rose to $110 billion for the year that ended December 31, from $49 billion a

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 20 2022 | 2:44 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com