Global oil giant Saudi Aramco has announced to hike the investment to increase the oil production this year. The company informed that it aims to increase capital expenditure in 2022 in the range of $40bn-$50bn, while it was $31.9 bn in 2021. Aramco is targeting to increase its production capacity from 12mn to 13mn barrels a day by 2027.
The announcement came with the company recording a more than 100% increase in its profit in 2021. Saudi Aramco reported a net income of $110 bn in 2021, surpassing analysts’ forecast of $109.7 bn. The oil giant had recorded an earning of $49 bn in 2020. Aramco cited higher crude prices and stronger refining and chemicals margins as the primary factors that pushed the profit higher. Consolidation of full-year results of Sabic, the Saudi petrochemicals company whose 70% stakes are acquired by Saudi Aramco, has also added to the profit.
