Saudi Arabia's state-owned oil giant, Saudi Aramco, plans to increase the amount it invests in energy production after reporting a doubling of profits.
Over the next five years, the firm wants to boost output.
Demand has outpaced supplies of oil and gas in recent months.
The war in Ukraine and a reluctance to rely on Russia for energy has added to the pressure to find additional sources of energy.
Political leaders worried about the impact of high energy prices are likely to be happy that Saudi Aramco is increasing investment.
Boris Johnson went to Saudi Arabia last week to try and convince them to release more oil into the world market.
Saudi Arabia is the largest producer in Opec and raising production could help to reduce energy prices which are currently at 14-year highs.
The country has been condemned for its involvement in the conflict in Yemen, its jailing of dissidents and its use of capital punishment.
The government was accused of going from one dictator to another to tackle the energy crisis.
The chancellor said the prime minister was right to engage with Saudi Arabia.
It would be wrong to not explore all the avenues we could to bring cheaper energy and more secure energy to people in this country, according to Rishi Sunak.
The prime minister hadConstructive dialogue about human rights abuses during his visit.
To reduce reliance on states like Russia and Saudi Arabia, the UK should focus on boosting domestic production of energy through new nuclear and on and off-shore wind generation, according to the Shadow Chancellor.
She said that getting to net zero is the mission of the generation.
We have to do more to reduce our reliance on fossil fuels, which is why investment in domestic electricity is so important.
The energy markets have been volatile as sudden changes in economic activity have influenced both supply and demand.
As the world economy slowed, Saudi Aramco's profits dropped sharply.
A reopening in many countries led to a rise in energy prices. That increased revenues at the large energy generating companies.
Saudi Aramco said it would increase its capital expenditure by up to $50 billion this year. Capital expenditure last year was $31.9 billion.
The company said it would raise its maximum sustainable capacity to 13 million barrels a day. It wants to increase gas production by more than 50%. Saudi Arabia produced 10 million barrels of oil in February.
The company made $110 billion in net profit in 2021, up from $49 billion in 2020. Analysts expect profit to increase further in 2022.
Saudi Aramco plans to become a leader in carbon capture and storage technology.
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