onetrack Posted March 13, 2023 Share Posted March 13, 2023 I guess this means a whole lot more gold-plated multi-million dollar toys for the Saudi elite. Of course, along with this record Saudi Armaco profit, we mustn't forget that the other global oil companies aren't exactly struggling, either. QUOTE: "Other oil companies including ExxonMobil, BP, and Shell also recorded all-time high profits in 2022 as global oil and gas prices reached record highs last year. However, all of those earnings at $55.7 billion, $28 billion, and about $40 billion, respectively, were dwarfed by Aramco's $161 billion." What staggers me is that oil is supposed to be on the way out - yet Saudi Aramco have just spent US$37B to boost future oil production. Currently producing 11.5M barrels per day, they're looking to increase production to 13M barrels per day, by 2027! https://www.businessinsider.com/saudi-aramco-posts-massive-161-billion-profit-2022-record-oil-prices-2023-3 1 1 Link to comment Share on other sites More sharing options...
facthunter Posted March 13, 2023 Share Posted March 13, 2023 Such behaviour is the reason for inflation. . The Ukraine war adds to it. Look at all those making record profits while the Majority suffer. Nev 2 2 Link to comment Share on other sites More sharing options...
willedoo Posted March 13, 2023 Share Posted March 13, 2023 The big two supermarkets are a good example of that profiteering. They've been banging on about increases in transport and supply costs from Covid as an excuse to increase prices, but their profit margin earnings have increased significantly. 1 2 1 Link to comment Share on other sites More sharing options...
Jerry_Atrick Posted March 13, 2023 Share Posted March 13, 2023 (edited) Saudi oil is used to plug the Russian oil gap in Europe, so their volume sky-rocketed. Swapping the supply from one crappy regime to another. Other producers more or less have the same buyers, so their increases in profits are purely on the price jump. Despite the Brent Crude futures trending down: And the West Texas Intermediate futures price charting downwards: Saudi has been raising its prices: https://www.bloomberg.com/news/articles/2023-03-05/saudi-arabia-raises-oil-prices-for-asia-and-europe-for-april?leadSource=uverify wall Because they know they have a captive market Edited March 13, 2023 by Jerry_Atrick 3 Link to comment Share on other sites More sharing options...
facthunter Posted March 13, 2023 Share Posted March 13, 2023 Everybody wanted the Saudis to increase oil output to keep the prices lower. Demand pushes it up. You can't just demand a price. Nev Link to comment Share on other sites More sharing options...
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