Is China’s influence growing in Saudi Arabia?
Hightower Resource Advisors CEO Tracy Shuchart provides insight on the stock market and the influence of China on ‘Making Money.’
Global oil giant Saudi Aramco announced Sunday it earned a record-high profit of $161.1 billion during 2022, attributing its massive jump in earrings to higher crude oil prices.
Officially known as the Saudi Arabian Oil Co., Aramco's annual report showed its year-on-year net income increased 46.5.% from the $110 billion earned in 2021.
Saudi Aramco CEO and President Amin H. Nasser said in a statement that the record financial performance was due to increased oil demand around the world.
"We also continued to focus on our long-term strategy, building both capacity and capability across the value chain with the aim of addressing energy security and sustainability," Nasser wrote.
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