Aramco, the Saudi oil giant, always bigger

There are a lot of questions about the oil groups that benefit from the rise in the price of black gold. Concrete example with Aramco, the Saudi oil giant, which sees its profits soar.

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Saudi Aramco announces 2021 net profit up 124% to 110 billion dollars (99 billion euros). The group greatly exceeds pre-pandemic levels: almost double, since in 2020, the net result was 49 billion dollars (44 billion euros).

The group speaks of an exceptional year, in a context of tension on the oil markets with prices which had already increased with the recovery of the world economy, increased following the invasion of Ukraine by Russia. The boss of Aramco, Amin Nasser, recognizes it: directly linked to the price of crude oil, the results of his company benefit above all from the energy security essential for billions of people in the world. TotalEnergies appears very small compared to Aramco in terms of results. The Saudi weighs seven times more than the French. Its weight is 25% higher than the cumulative profits of the big Westerners including ExxonMobil, Shell and BP.

The group is the world’s largest producer of crude with just over nine million barrels per day last year. This also benefits Saudi Arabia which owns 98% of the group. The Saudi state derives nearly $80 billion in dividends. Today, the company is doing everything to diversify because it knows that the oil revenue is no longer eternal.

Large investments are thus being made in renewable energies, in particular in the local Sudair Solar project which is to become the largest solar energy site in the world. Without waiting, the Saudi oil giant Aramco could soon overtake the Americans Google, Apple and Microsoft in the world table of profits made last year.

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