Saudi Aramco has once again returned to become one of the world’s most profitable oil firms with a net income of $110 billion in 2021 compared to $49.0 billion in 2020. The prime mover, of course, was the rising oil prices. Brent crude prices averaged $42 per barrel in 2020. In 2021, it was $71. In the first three months of 2022, it evened out at $ 92. Moreover, Saudi Arabia’s
As expected, OPEC+ unanimously agreed to keep its output strategy unchanged and decided to continue with its plans of gradually increasing oil production by 400,000 barrels per day in April 2022. The decision was taken in what could be called one of the fastest meetings of the alliance, as it lasted only 13 minutes. OPEC+ producers have a clear vision building their consensus
Saudi Aramco's total current refining capacity is around 5.4 million barrels per day for both domestic and international refineries. This gives Saudi Arabia one of the world’s largest refining capacities, fourth after the US with 18 million bpd, China with 17 million bpd, Russia with 6.7 million bpd, and it outperforms India, which has a refining capacity of 5 million bpd. The
It was an important day for the oil markets as the US announced to release millions of barrels of crude from its strategic petroleum reserves to try to check rising prices. The US’ move comes in coordination with China, Japan, India, and South Korea, as all these countries made similar announcements. President Joe Biden’s administration said it would release 50 million barrels