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 year earlier. Analysts had expected a net profit of $106 billion in 2021, according to the mean estimate of analysts in Refinitiv’s Eikon.
