Saudi Arabia hikes oil investments as it profits from price surge – Reuters.com
- Date: 20-Mar-2022
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Arabia hikes oil investments as it profits from price surge – Reuters.com
DUBAI, March 20(Reuters) - Saudi Arabia's state oil company Aramco, under pressure from the West to boost output amid soaring prices, pledged on Sunday to hike investments by around 50% this year as it reported a doubling in 2021 profits.
Saudi Aramco (2222.SE) benefitted from a more than 50% surge in oil prices last year, as increased COVID-19 vaccination rates and loosening restrictions resulted in demand outpacing supply.
Prices then leapt above $100 a barrel last month to hit 14 year highs after Russia invaded Ukraine, leading Western nations to urge Saudi Arabia and other producers to raise output.
Select Sector 
Select Country 
