Saudi Aramco profits surge 90pc as it predicts decade of growth for oil market

Saudi Aramco profits surge 90pc as it predicts decade of growth for oil market

Saudi Arabia has vowed to increase oil production as it predicts the war in Ukraine will lead to a decade of soaring demand for its fossil fuels . State-controlled Saudi Aramco promised further development as it unveiled record quarterly profits of $48.4bn (£40bn), mirroring a surge in profits at other big oil rivals. Ongoing investment is “essential”, chief executive Amin Nasser said, as demand for oil continues to grow. Mr Nasser said: “We expect oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts. “But while there is a very real and present need to safeguard the security of energy supplies, climate goals remain critical, which is why Aramco is working to increase production from multiple energy sources – including oil and gas, as well as renewables and blue hydrogen.” In March, the company pledged to increase investment by around 50pc this year. It said it would boost capital expenditure to $40bn-$50bn, with further growth expected until around the middle of the decade. Aramco’s profits were boosted by soaring oil prices in the wake of Russia’s invasion of Ukraine, which has disrupted supplies and prompted Western sanctions on Vladimir Putin’s