BREAKING: Oil giant Saudi Aramco says it earned a $161 billion profit last year. The firm, known formally as the Saudi Arabian Oil Co., said in its annual report that higher crude oil prices propelled its profits.
Those high prices have further strained ties between the kingdom and the United States, traditionally a security guarantor among the Gulf Arab states amid tensions with Iran. Before the midterm elections in November,
the kingdom said the Biden administration sought to delay a decision by OPEC and allies including Russia to cut production that could have kept gasoline prices lower for voters — making public the typically behind-the-scenes negotiations common in the region. President Joe Biden had warned the kingdom that “there’s going to be some consequences for what they’ve done” in terms of oil prices. However, those consequences have yet to be seen as. U.S. gasoline prices now stand on average at $3.47 a gallon, down just about a dollar from last year.
Saudi Arabia’s vast oil resources, located close to the surface of its desert expanse, make it one of the world’s least expensive places to produce crude. For every $10 rise in the price of a barrel of oil, Saudi Arabia stands to make an additional $40 billion a year, according to the Institute of International Finance.Shares in Aramco stood at $8.74 on Riyadh’s Tadawul stock exchange before it opened Sunday. That’s down from a high of $11.55 a share in the last year.
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