Earns Saudi Aramco
- Amr Nabil - staff, AP
- Updated
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FILE - Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. Oil giant Saudi Aramco said Sunday, March 12, 2023, it earned a $161 billion profit last year, attributing its earnings to higher crude oil prices.
Amr Nabil - staff, APTags
As featured on
Oil giant Saudi Aramco says it earned $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists. The monster profit by the firm, known formally as the Saudi Arabian Oil Co.,  came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022. Sanctions have limited the sale of Moscow’s oil and natural gas in Western markets. That profit, however, comes amid growing international concerns over the burning of fossil fuels accelerating climate change. Amnesty International criticized Aramco's profit due to that.
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