Saudi Arabia's state oil company Aramco, under pressure from the West to boost output amid soaring prices, pledged to hike investments by around 50% this year as it reported a doubling in 2021 profits.
Oil prices leapt 50% last year as demand recovered from the Covid-19 pandemic, and then surged above $100 a barrel to 14-year highs in February after Russia invaded Ukraine, leading Western nations to urge major producers to increase output.Aramco said it would boost its capital expenditure to $40-50 billion this year, with further growth expected until around the middle of the decade. Capex was $31.
85 riyals, valuing it at 8.76 trillion riyals .A $2 trillion valuation was a goal sought by de-facto Saudi leader Crown Prince Mohammed bin Salman before the company's record $29.4 billion initial public offering in 2019. He has announced plans to sell more Aramco shares.The surge in Aramco's valuation on Sunday moved it above that of Microsoft, though it remains behind Apple's $2.68 trillion.
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