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Saudi oil company Aramco reported its highest profits since the 2019 listing as oil and gas prices soared worldwide.
The state-owned energy giant says there has been a 82% increase in profits, with net revenues surpassing $ 39.5 billion in the first quarter.
In a press release, the firm clarified that high energy prices, but also an increase in production affected this extraordinary level of profits. The invasion of Ukraine boosted oil and gas quotations worldwide.
Russia is one of the largest exporters in the world, but Western countries have now pledged to reduce their energy dependence on it. The price of oil had however begun to rise since before the war, as economies had begun to recover from the Covid 19 pandemic and demand exceeded supply.
Other energy firms, including Shell, BP and TotalEnergies, have also reported high profits as a result, though many are also facing the costs of closing their operations in Russia.
Aramco chief executive Amin Nasser said the company was “focused on helping meet global energy demand that is reliable, affordable and increasingly sustainable”.
“Energy security is vital and we are investing in it for the long term,” he added.
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