Saudi Arabia’s state oil company Aramco, under pressure from the West to boost output amid soaring prices, pledged on Sunday to hike investments by around 50 per cent this year as it reported a doubling in 2021 profits.
Aramco said it would boost its capital expenditure (capex) to $40-50 billion this year, with further growth expected until around the middle of the decade. Capex was $31.9 billion last year, up 18 per cent from 2020 – indicating an increase of about 50 per cent for this year at the middle of the guidance range.
Asked if Aramco would pump more oil to fill any gaps in the market left by the war in Ukraine, CEO Amin Nasser said it would produce according to guidelines.
