The world’s biggest oil exporter says years of underinvestment in the sector threaten global energy security.

In response to the American demand to increase production, putting pressure on Russia, the British newspaper “The Guardian” confirmed that Saudi Aramco intends to increase oil production to meet global demand.

Aramco profits
The Saudi state oil company said it would increase spending on oil production to meet rising global demand, as it announced a doubling of its profits in 2021.

According to the British newspaper The Guardian, Saudi Aramco – the world’s largest oil exporter and one of the world’s most profitable companies – said its net profit increased by 124% to $110 billion (£83 billion) in 2021, compared to $49 billion in the year Previous.

The company said its profits jumped as a result of the rise in crude oil prices with the recovery in demand for oil after the epidemic. And also because of the increase in profit margins in the refining and chemicals business.

Brent crude jumped to $139 a barrel, a 14-year high, earlier this month. But it has since fallen to nearly $100.

In early December, the price of a barrel of crude oil was below $70.