The firm, known formally as the Saudi Arabian Oil Co, said in its annual report that higher crude oil prices propelled its profits.
It made the announcement on Riyadh’s Tadawul stock exchange.
Benchmark Brent crude oil now trades at around $82 a barrel, though prices had reached more than $120 a barrel in June. Those high prices have further strained ties between the kingdom and the United States, traditionally a security guarantor among the Gulf Arab states amid tensions with Iran.Before the mid-term elections in November, the kingdom said Biden administration had sought to delay a decision by Opec and allies including Russia to cut production which could have kept fuel prices lower for voters – making public the typically behind-the-scenes negotiations common in the region.
However, those consequences have yet to be seen as Saudi Arabia and Iran went to China to strike a diplomatic deal on Friday.Saudi Arabia’s vast oil resources, located close to the surface of its desert expanse, make it one of the world’s least expensive places to produce crude.
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