The world’s largest oil company, Saudi Aramco, has announced plans to expand capacity after reporting profits that have nearly quadrupled. The state-backed oil company reported a 288% increase in net income in the second quarter of this year compared to the same period last year.
This year, Saudi Aramco is pressing ahead with $35 billion of investment, with Amin Nasser, Aramco’s Chief Executive, saying that he was “extremely positive about the second half of 2021 and beyond.” He stated that Aramco intends to increase its capacity by a million barrels of oil per day.
Saudi Aramco is pressing ahead with $35 billion of investment this year
Energy prices are rising for fossil fuel companies as restrictions are lifted, and economic activity returns to pre-pandemic levels. After plummeting to less than $30 during the first round of lockdowns last year, oil is now trading at $70 per barrel.
Prices have been boosted by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies agreeing to cut oil production.