Saudi Aramco: Oil giant sees profits jump as prices surge

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Oil and gas prices have surged around the world, and Saudi Aramco has posted its highest profits since listing.

In the first quarter of the year, the state-owned energy giant saw a huge jump in profits.

The firm said in a press release that it had been boosted by higher prices and an increase in production.

Oil and gas prices have gone up since the invasion of Ukraine.

Western nations have pledged to cut their dependence on Russia for energy despite it being one of the world's biggest exporters.

Before the war in Ukraine, oil prices were going up as economies started to recover from the Covid epidemic.

Many energy firms are exiting operations in Russia due to soaring profits, but other firms have reported soaring profits as a result.

The company was focused on helping meet the world's demand for energy that is reliable, affordable and sustainable, according to the president and chief executive.

He said that energy security is vital and that they are investing for the long-term.

In March, the oil and gas producer pledged to increase investment and output over the next five to eight years.

Prime Minister Boris Johnson visited the world's biggest oil exporter to try to convince it to release more oil into world markets.

Saudi Arabia is the largest producer of oil in Opec and raising production could help to reduce energy prices.

The country has been condemned for its involvement in the conflict in Yemen, the murder of a journalist and the widespread use of capital punishment.

The conflict in Yemen has caused security challenges for Aramco, with rebels targeting some of its sites and temporarily knocking out a large portion of the kingdom's crude production.

Its latest set of results come days after it reclaimed the top spot from Apple for the first time in almost two years.

20 billion bonus shares will be issued to shareholders, one share for every 10 shares already owned.