Saudi Aramco collects the rise in oil prices while profits rise by 80%.

Saudi Aramco, the national oil company of Saudi Arabia, reported on Sunday a net gain of $ 39.5 billion for the first quarter of 2022, an increase of about 80% over the same period last year, which largely reflects the rise in oil prices.

Oil and natural gas prices have soared in recent months due to tight markets as pandemic conditions ease. After the Russian invasion of Ukraine in late February, sanctions reduced Russian oil production as well increased concerns about potential shortages.

Saudi Aramco is benefiting from the overall situation, reaping additional profits as energy prices rise. Oil prices have nearly doubled over the past year, with Brent crude at $ 111 a barrel on Friday, up from around $ 60 in spring 2021.

Unlike its Western counterparts like shell and Exxon Mobil, which faces shareholder demands to address global warming, the Saudi company is almost wholly government-owned and is under little pressure to reduce carbon production and emissions.

In fact, Aramco, together with ADNOC, the Abu Dhabi national oil company, calculates that they can take advantage of the pressure on Western companies.

“Against the backdrop of increased volatility in global markets, we remain focused on helping meet global energy demand,” said Aramco CEO Amin H. Nasser. he said in a Sunday note.

“We are investing long-term, expanding our oil and gas production capacity to meet projected growth in demand,” added Nasser.

But as gasoline prices have risen, contributing to rising inflation, Saudi Arabia has largely ignored Washington’s calls to speed up its program of gradual production increases agreed with OPEC and other oil producers last year. summer.

The company said it will keep its dividend for the quarter unchanged at $ 18.8 billion. Most of the money will go to the government, which owns nearly all of the shares in the company, which was listed on the Saudi Tadawul stock exchange in 2019.

As previously announced, Aramco awards a bonus share for every 10 shares.