Saudi Arabia's state oil company logs highest-ever annual profit since listing

Saudi Arabia's state-run oil giant Aramco says it earned last year its highest-ever annual profits as a listed company.

Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of 161.1 billion dollars. That is up 46 percent from the previous year and the highest since its listing in 2019.

CEO Amin Nasser said in a statement, "Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world."

In the global market, the benchmark Brent index for crude oil soared to over 130 dollars a barrel just after the Russian invasion of Ukraine last year.

Western nations turned to Saudi Arabia to procure oil as they imposed sanctions on Russia.

But crude prices have gradually declined since then due to concerns over a slowdown in the global economy. This year, crude oil has traded in the range from 72 dollars to 82 dollars a barrel.

Nasser called for more investment in the oil industry from importers. He said, "Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real -- including contributing to higher energy prices."