Oil prices rose to their highest levels since mid-April on Monday, following a drone attack by Ukraine on a key Russian oil export hub and an extension of production cuts by Saudi Arabia and Russia. Ukraine launched a naval drone attack on Russia’s port of Novorossiysk, a critical hub on the Black Sea for Russian…
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Aramco posts record 46.5% growth in profits to $161.1 billion in 2022
Saudi Arabia’s oil giant Aramco reported a record net income of $161.1 billion for 2022 (46.5% higher than previous year’s $110 billion), the largest annual profit ever achieved by an oil and gas company, CNBC reported. Aramco said net income increased 46.5 percent over the year, from $110 billion in 2021. Free cash flow also…