Oil companies make mega profits

State-owned Saudi Arabia Saudi Aramco, just like so many other oil companies, made a huge profit in 2022. The net profit amounted to a staggering $161 billion, the highest figure since the stock market listing in 2019. Although the price of oil has recently fallen significantly, oil giants such as Saudi Aramco, Chevron and Shell have been able to huge profits after the price of oil soared in connection with the outbreak of war in Ukraine.