Oil Giant Makes Record Profit In 2022

DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco says it earned $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists. The monster profit by the firm, known formally as the Saudi Arabian Oil Co., came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022. Sanctions have limited the sale of Moscow’s oil and natural gas in Western markets. That profit, however, comes amid growing international concerns over the burning of fossil fuels accelerating climate change. Amnesty International criticized Aramco’s profit due to that.