Tuesday, July 23, 2024

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Saudi Arabia boost crude oil production

Saudi Aramco in Saudi Arabia stated it will boost spending on oil production to meet rising energy demand.

The world’s biggest oil exporter said years of under-investment in the oil industry was threatening global energy security even as the company cashed in on rising prices, reporting its highest annual earnings since an initial public offering in 2019.

Many countries cut of oil imports from Russia due to the invasion in Ukraine and have called for increased oil production in the Middle East. In response, Saudi Aramco has decided to increase its supply.

Net income of Saudi Aramco has more than doubled in 2021 to $110bn, the company revealed on Sunday, and the oil group maintained its full-year cash dividend — one of the biggest in the world — at $75bn, according to Financial Times.

The price of crude oil in the global market had skyrocketed in recent days due to the stocks being rejected from Russia amid the Ukraine crisis, but the numbers have dropped to a certain level later.

Being the world’s top crude oil producer, Saudi Arabia can have a significant influence on the global crude oil market. Should such an influence be made, the crude oil prices may further drop in the near future via increased production.


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