The company with record profit greater than the GDP of more than half of the world’s countries

Saudi oil giant Saudi Aramco has set its own record with a profit of US$48.4 billion in the second quarter of 2022.

That’s a 90% increase from the previous year — and represents the highest gain by the world’s biggest energy exporter since it went public three years ago.

For comparison purposes, the figure is greater than the GDP (Gross Domestic Product) of more than half of the countries in the world.

If it were a nation, the company would occupy the 88th position in the World Bank ranking that lists the GDP of 207 countries (in 2021) — more specifically, among the Democratic Republic of Congo (US$ 53.9 billion; R$ 274.45 billion) and Tunisia (US$ 46.8 billion; R$ 238.3 billion).

Russia’s invasion of Ukraine has sent oil and gas prices soaring.

Russia is one of the world’s biggest exporters, but Western nations have pledged to reduce their dependence on the country for their energy needs.

According to Bloomberg, the Saudi oil giant’s figures represent “the highest adjusted quarterly profit of any publicly traded company.”

In addition to record profits, the Saudi state energy giant announced it would keep its dividends unchanged at $18.8 billion in the third quarter.

The company said it would continue to expand to meet demand.

“While global market volatility and economic uncertainty remain, events during the first half of this year support our view that continued investment in our industry is essential, both to help ensure markets remain well supplied and to facilitate a orderly energy transition,” said Aramco President and CEO Amin Nasser.

“In fact, we expect oil demand to continue growing for the rest of the decade, despite the decline in economic pressures according to short-term global forecasts,” he added.

Oil prices were already rising before the war in Ukraine, as economies began to recover from the Covid-19 pandemic, and demand outstripped supply.

The world’s biggest oil producers, including ExxonMobil, Chevron and BP, have posted huge profits this year—leading to mounting calls for governments to impose an extraordinary tax amid an alarming rise in the cost of living.

In June, US President Joe Biden said Exxon had made “more money than God this year”.

Saudi Arabia is the largest individual producer in OPEC (Organization of Petroleum Exporting Countries), a group that represents the largest oil producers in the world.

Last week, OPEC+ — which includes Russia — agreed to slightly increase production in an effort to help ease high oil prices. However, the latest increase in production is at a much slower pace than in recent months.

The decision dealt a blow to world leaders, including Biden, who called for production to be stepped up.

This text was originally published here.