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Aramco’s profits reach $ 110 billion as Saudis seek to expand investment

DUBAI – State oil giant Saudi Aramco said Sunday that net profit for 2021 more than doubled to $ 110 billion, a boon for the Middle East’s largest economy as it seeks to use its huge profits for investment opportunities at home and abroad.

The world’s largest oil exporter is benefiting from the rapid rise in oil prices and said it has raised its spending target this year as demand rises and the effects of the pandemic recede. Brent crude, the world benchmark for crude oil, rose to an average of $ 70.86 a barrel last year, after falling to an average of $ 41.96 a year earlier. It closed at $ 107.93 a barrel on Friday, down 4.2% on the week. Earlier this month, oil occasionally traded above $ 130 a barrel.

Aramco’s profits reach $ 110 billion as Saudis seek to expand investment

Source link Aramco’s profits reach $ 110 billion as Saudis seek to expand investment

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