Saudi Arabia hikes oil investments as it profits from price surge –

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A 3D printed natural gas pipeline is placed in front of displayed Saudi Aramco logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration

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  • Aramco’s 2021 net profit $110 bln vs forecast $106 bln
  • Plans $40-50 bln of capex in 2022 vs $31.9 bln in 2021

DUBAI, March 20 (Reuters) – Saudi Arabia’s state oil company Aramco, under pressure from the West to boost output amid soaring prices, pledged on Sunday to hike investments by around 50% this year as it reported a doubling in 2021 profits.

Oil prices leapt 50% last year as demand recovered from the COVID-19 pandemic, and then surged above $100 a barrel to 14 year highs in February after Russia invaded Ukraine, leading Western nations to urge major producers to increase output.

Aramco (2222.SE) said it would boost its capital expenditure (capex) to $40-50 billion this year, with further growth expected until around the middle of the decade. Capex was $31.9 billion last year, up 18% from 2020 – indicating an increase of about 50% for this year at the middle of the guidance range.

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