Saudi Aramco oil giant announces record $161 billion profit in 2022

Aramco, Saudi Arabia's state-controlled oil giant, on Sunday reported a record net income of $161.1 billion in 2022, the highest annual profit ever recorded for a publicly listed company. 

Net income increased this year by more than $50 billion from 2021,  which had a net income of $110 billion, Aramco said.

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

A spike in oil prices last year was fueled by Russia's invasion of Ukraine in February 2022, which caused the West to sanction Moscow's energy sales. An additional factor was the increased demand for energy with the return to travel as COVID-19 pandemic restrictions eased.

Aramco, which produced 11.5 million barrels of oil per day, also said it wants to expand production capacity to 13 million barrels per day by 2027. The plans come after Saudi Arabia's Ministry of Foreign Affairs in October defended the decision of the Organization of the Petroleum Exporting Countries to cut oil production by 2 million barrels per day.