Saudi’s Aramco 2021 full-year profits hit a new record as the company registered a 124% increase to $110 billion compared to $49 billion in 2020. The energy giant attributed the shoot-up to increased oil prices as the market recovers from a pandemic-induced downturn. “Our strong results are a testament to our financial discipline, flexibility through evolving market conditions and steadfast focus on our long-term growth strategy,” Aramco President and CEO Amin Nasser said in a statement.
Amid soaring profits, Aramco is planning to increase oil production by having the capacity to produce 13 million barrels per day by 2027. “We recognize that energy security is paramount for billions of people around the world, which is why we continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity,” said Nasser.
