Saudi Aramco's income more than doubles amid plans to raise output by 2027

By Sibel Morrow

ANKARA (AA) - The net income of Saudi Arabia’s state-backed oil company Aramco reported a more than 124% increase last year, driven by higher crude oil prices, and stronger refining and chemicals margins, according to the company's full-year financial results on Sunday.

The oil giant gained over $61 billion up to Dec. 31 last year, posting its highest net income since its shares began trading on the local stock exchange, the Tadawul, on Dec. 11, 2019.

"Although economic conditions have improved considerably, the outlook remains uncertain due to various macro-economic and geopolitical factors. But our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy," Aramco's President and CEO Amin Nasser was quoted as saying in the statement.

The company’s revenues increased more than 75% year-on-year, rising from $205 billion to $359 billion.

- Aramco to increase production amid global supply crisis

Aramco also said it has plans to raise crude oil production capacity by around 2.8 million barrels per day (bpd) to 13 million bpd by 2027, and gas production by more than 50% by 2030.

According to the latest OPEC monthly oil market report, Saudi Arabia increased its monthly output by 141,000 bpd to 10,193 million bpd in February.

This comes after the UK’s prime minister Boris Johnson visited Saudi Arabia in the hope of persuading the oil producer to boost output and relieve pressure on global markets due to the ongoing Russia-Ukraine war.