Saudi Aramco\u0027s monster profit came off the back of energy prices rising after Russia launched its war on Ukraine. Read more.
Aramco also declared a dividend of US$19.5 billion for the fourth quarter of 2022, to be paid in the first quarter of this year.
Those high prices have further strained ties between the kingdom and the United States, traditionally a security guarantor among the Gulf Arab states amid tensions with Iran. Before the midterm elections in November, the kingdom said the Biden administration sought to delay a decision by OPEC and allies including Russia to cut production that could have kept gasoline prices lower for voters — making public the typically behind-the-scenes negotiations common in the region.
Those revenues also can go into Riyadh Air, a new airline announced Sunday by Prince Mohammed that will be under the kingdom’s Public Investment Fund and plans to fly to over 100 destinations by 2030. The Wall Street Journal, citing anonymous sources, reported Saudi Arabia may purchase up to US$35 billion worth of planes from Boeing Co.
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