Saudi Aramco's full-year profits more than double on soaring oil prices
The Straits Times|March 22, 2022
DUBAI • Saudi Arabia’s state oil company Aramco, under pressure from the West to boost output amid soaring prices, has pledged to hike investments by around 50 per cent this year as it reported a more than doubling in 2021 profits.
Saudi Aramco's full-year profits more than double on soaring oil prices

Saudi Aramco benefited from a more than 50 per cent surge in oil prices last year as increased Covid-19 vaccination rates and loosening restrictions resulted in demand outpacing supply.

Prices then leapt above US$100 a barrel last month to hit 14-year highs after Russia invaded Ukraine, leading Western nations to urge Saudi Arabia and other producers to raise output.

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