Saudi Aramco, the national oil company of Saudi Arabia earned $161 billion last year, recording a whopping 50 percent surge over 2021, and confirmed that the demand for oil would continue in the current year as well.

The company reported that it had a net income of $161.1 billion which was a decent 47 percent increase over its 2021 figures and a record since Aramco started offering shares on the local Tadawuhl stock exchange in 2019.

Aramco is a big source of income for the Saudi government, which owns nearly all of its shares.

Despite the concerns about climate change, Aramco is betting that global demand for its oil will continue to be strong as those bets till date are paying off.

Saudi Aramco, the world’s largest oil company, is the latest energy giant to report record-busting profits.

Amin H. Nasser, the Chief Executive of Aramco said in a statement, “We anticipate oil and gas will remain essential for the foreseeable future.”

Aramco indicating the surge in its earnings, revealed that it will increase its fourth-quarter dividend to $19.5 billion, four percent over the last year. Its overall dividends for the year 2022 were around $76 billion.

In general, the Oil companies’ earnings closely followed the commodity prices, with Shell, Exxon Mobil, and Chevron all registering their highest-ever profits, and Saudi Aramco is no exception. The average price of Brent crude, rose by around 40 percent crossing $100 per barrel in the last year 2022 as against the earlier year replicating the profit rise consecutively. Higher profits for refined products of gasoline and diesel also benefited Saudi Aramco.