Saudi Arabia’s company Aramco made record profits by selling oil. In 2022, they made a profit of 161.1 billion or 16 thousand 110 million dollars.

The state-owned oil company made 46.5 percent more profit than in 2021, the BBC reported. This is their highest income in a year since listing on the stock market.

Not only Aramco, America’s ExxonMobil, Britain’s Chevron also made huge profits last year. ExxonMobil made a profit of $5,570 million. And Chevron’s profit is 3 thousand 990 million dollars.

Aramco reported a record profit of $42.4 billion in the first four months of 2022. At that time, global oil prices were at their highest. Currently, the benchmark crude oil is selling at $82 per barrel in the international market. But it touched $120 in June last year.

The price of oil and gas in the world market has increased a lot after Russia started attacking Ukraine. After seven years, the price of Brent crude oil exceeded $100 per barrel.

Last year, UN Secretary-General Antonio Guterres said many oil and gas companies had exploited the global crisis to unethically record profits. He called for higher rates of taxation on these companies. He also suggested using the tax money to help the needy.

However, even before the start of the Russia-Ukraine war, the world market fuel prices started to rise. After one and a half years of various restrictions due to Covid, the developed countries then withdrew all the restrictions due to Covid. Then, when the Russia-Ukraine war broke out, oil prices rose further.