Sunday, May 15, 2022

Aramco would have you believe

Amin H Nasser, president and chief executive of Aramco, said the company was helping to meet world demand for reliable and affordable energy against a backdrop of “increased volatility”.

[...]

OPEC+, the producers group which includes Saudi Arabia, the United Arab Emirates and Russia, agreed this month to a modest increase in its monthly oil output target, but has said it is not possible for other producers to replace Russian exports of more than 7m barrels a day.

[...]

Profits have risen despite many groups taking a hit from exiting investments in Russia as Brent crude prices have soared by almost 70% to $107.91 (£87.99) a barrel in March compared with a year before. BP said this month its profits more than doubled to $6.2bn (£5bn) in the first three months of the year. Shell has reported a record quarterly profit of $9.1bn (£7.3bn) for the first three months of the year.

[...]

Energy companies such as BP and Shell have posted their highest profits in at least a decade as a result of rising commodities prices fuelled by the unwinding of Covid-19 restrictions around the world and sanctions on Russia after its invasion of Ukraine.

[...]

Saudi Aramco, the world’s biggest oil company, has disclosed an 82% rise in quarterly profits to a new record of $39.5bn (£32.2bn).

  Guardian
...but hey, do what you want...you will anyway.

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