The Saudi Ministry of Energy reported the country would extend a voluntary oil production cut of 1 million barrels per day until the end of 2023. The measure taken by the world’s largest exporter of crude oil leads to higher prices.
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The 46% net income growth in 2022 was due to surging oil prices after Russia invaded Ukraine.
Saudi Arabia earned USD 22.8 billion from international oil sales in December. The commodity accounted for 79% of the country’s exports.
Saudi Arabia’s February crude exports reached 7.3 million barrels per day, the biggest volume since April 2020.
The oil company saw net income slide by 25% in the first quarter, but results were still robust, with USD 13.4 billion in dividends paid.
Saudi Arabia’s state-run oil company released its first-half results for the first time. Net income was down 13%; free cash flow went up.
