Saudi’s Aramco Pledges to Increase Investment in Oil Production to Meet Growing Demand

Saudi Aramco engineers and journalists look at the Hawiyah Natural Gas Liquids Recovery Plant in Hawiyah, in the Eastern Province of Saudi Arabia on June 28, 2021. Amr Nabil/AP Photo

Saudi Arabia’s state oil company Aramco on March 20 pledged to increase the amount it invests in oil production after it reported that profits more than doubled year-on-year to $110 billion.

The world’s largest oil exporter said its net profit increased by 124 percent to $110 billion in 2021, compared with $49 billion a year prior.