Oil giant Saudi Aramco reported Sunday earning US$161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists.
The monster profit by the firm, known formally as the Saudi Arabian Oil Co., came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022, with sanctions limiting the sale of Moscow's oil and natural gas in western markets.
"Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real -- including contributing to higher energy prices," Saudi Aramco CEO and president Amin H. Nasser said in a statement. Aramco's results, viewed as a bellwether for the global energy market, mirror the huge profits seen at those of U.K. energy giant BP,America's Exxon Mobil, Shell and others in 2022. But the sheer size of the US$161 billion profit overshadowed even its own previous results, as well as records by Apple, Vodafone and the U.S. Federal National Mortgage Association, or Fannie Mae.
U.S. President Joe Biden had warned the kingdom that "there's going to be some consequences for what they've done" in terms of oil prices. However, those consequences have yet to be seen as Saudi Arabia and Iran went to China to strike a diplomatic deal Friday. U.S. gasoline prices now stand on average at US$3.47 a gallon, down just about a dollar from last year.
Amnesty International's secretary-general, Agnes Callamard, criticized Aramco's annual profit coming amid global concerns about climate change. "These extraordinary profits, and any future income derived from Aramco, should not be deployed to finance human rights abuses, cover them up, or try and gloss over them," she said.
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