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Oil giant Saudi Aramco makes a historic $161B profit in 2022

20 Sept 21:26 Key points summarised by AI

Saudi Aramco reported an unprecedented $161 billion profit in 2022, setting a new record for annual earnings by a publicly listed company.
The massive profit surge was primarily driven by soaring global energy prices, exacerbated by the Russia-Ukraine war and increased market demand.
Aramco plans substantial investments to boost crude production to 13 million barrels per day by 2027, aiming to leverage market opportunities and fund Saudi Arabia's ambitious economic diversification projects.
The record earnings drew immediate condemnation from activists, including Amnesty International, who criticized profiting from fossil fuels amidst a global climate crisis and rising cost-of-living.
Aramco's financial performance mirrors the immense profits of other major energy firms and solidifies its position as the world's second most valuable company, valued at $1.9 trillion.

Yesterday 12:56 Key points summarised by AI

President Macron condemned widespread rioting and looting during nationwide protests, blaming far-left activists and criminals for the "unrestrained violence" and vowing accountability for those who "sought to bring down the Republic."
Over 2,400 arrests were made as protests against rising living costs and poor school conditions escalated, causing extensive damage to public buildings and businesses in cities like Paris, Limoges (where City Hall burned), Marseille, and Lyon.
The unrest, which organizers hoped would revive the "yellow vest" movement, saw political leaders trade blame, with Macron instructing prefects to protect public buildings and potentially ban future protests to prevent further disorder.