{"id":62250,"date":"2022-03-21T07:41:14","date_gmt":"2022-03-21T12:41:14","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62250"},"modified":"2022-03-21T08:06:39","modified_gmt":"2022-03-21T13:06:39","slug":"62250","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62250","title":{"rendered":"Saudi Aramco to increase oil production to meet global demand"},"content":{"rendered":"
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Saudi Aramco to increase oil production to meet global demand<\/a><\/h3>\n<\/header>\n<\/div>\n
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Saudi Arabia\u2019s state oil company said it would increase spending on oil production to meet rising global demand, as it reported a doubling of profits in 2021.\"Photograph:<\/span>\u00a9 Provided by The Guardian<\/span>\u00a0Photograph: Ahmed Jadallah\/Reuters<\/span><\/span>Saudi\u00a0Aramco<\/a>\u00a0\u2013 the world\u2019s largest oil exporter and one of the world\u2019s most profitable companies \u2013 said its net profit increased by 124% to $110bn (\u00a383bn) in 2021, compared with $49bn a year earlier.<\/p>\n

The company said its profits had soared as a result of higher crude oil prices as demand for oil rebounded after the pandemic, and also because of increased margins for its refining and chemicals business.<\/p>\n

Brent crude oil rocketed to $139 a barrel, a 14-year high, earlier this month but have since dropped to closer to $100. In early December, a barrel of crude was priced below $70.<\/p>\n

Aramco expects demand for oil to keep climbing, and said \u201csubstantial new investment\u201d is required to meet this demand, in a move likely to dismay climate campaigners.<\/p>\n

It said it is increasing its capital expenditure for 2022 by about half to between $40 and $50bn, with further growth expected until the middle of the decade.<\/p>\n

The state-owned oil firm\u2019s capital expenditure came in just below $32bn in 2021, an 18% increase from 2020.<\/p>\n

Saudi Arabia and the United Arab Emirates have been asked in recent days by western governments to pump more oil to replace reliance on supplies from Russia.<\/p>\n

The Gulf countries are the only two leading oil producers that have\u00a0immediate spare capacity<\/a>\u00a0able to offset the shortfall in Russian-produced energy. However, the International Energy Agency (IEA) said in a recent report that Saudi Arabia and the UAE are so far \u201cshowing no willingness to tap into reserves\u201d.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/section>\n<\/section>\n<\/article>\n

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Saudi Aramco to increase oil production to meet global demand Saudi Arabia\u2019s state oil company said it would increase spending on oil production to meet rising global demand, as it reported a doubling of profits in 2021.\u00a9 Provided by The Guardian\u00a0Photograph: Ahmed Jadallah\/ReutersSaudi\u00a0Aramco\u00a0\u2013 the world\u2019s largest oil exporter and one of the world\u2019s most profitable […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,5],"tags":[32775,17159,589,595,596,11706,6917],"class_list":["post-62250","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-geopolitics","tag-joanna-partridge","tag-msn","tag-oil-demand","tag-oil-production","tag-oil-supply","tag-saudi-aramco","tag-the-guardian"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62250"}],"version-history":[{"count":3,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62250\/revisions"}],"predecessor-version":[{"id":62253,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62250\/revisions\/62253"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}