reported its highest quarterly profits since listing its shares in 2019, as the world’s biggest oil exporter capitalised on soaring crude prices following Russia’s invasion of Ukraine.
The group’s total production including gas rose to 13 million barrels a day of oil equivalent, up from an average 12.3 million in 2021, as Saudi Arabia and other members of the Opec producer group unwound output cuts introduced at the start of the coronavirus pandemic. Unlike its international peers, many of which have pledged to gradually cut oil output to reduce emissions, Saudi Aramco is in the process of increasing its maximum crude oil production capacity from 12 million b/d to 13 million b/d.
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