Saudi is the world’s largest oil producing company and the national oil company of Saudi Arabia Sixth In 2022, a profit of $16,100 crore (approximately Rs. 13.19 lakh crore) has been recorded. Currently, crude oil prices are around $82 per barrel. Last year it crossed 120 dollars. This has helped in making better profits.
The profit in 2021 was $11,100 crore (Rs 9 lakh crore) and in 2020 it was $4,900 crore (Rs 4 lakh crore). Profits were affected in 2020 due to the fall in crude oil prices due to the Covid crisis.
Saudi’s gain
Saudi Arabia has the lowest production cost oil fields in the world. Therefore, for every $10 per barrel increase in crude oil prices, Saudi Arabia’s revenue will increase by $4 billion per year. At the same time, the Riyadh stock market is at the level of 8.74 dollars Sixth Stocks trading in progress. Last year, the price was as high as $11.55.