Oil

Saudi Aramco Announces Second-Highest Profits on Record for 2023

Saudi Arabia’s national oil company, Aramco, on Sunday reported near-record profits of $121 billion in 2023. The eye-catching total might seem a bit surprising given media narratives that fossil fuels are on the way out, but Aramco found demand for oil stronger than ever, albeit distributed somewhat differently than in years past.

Prince Abdulaziz bin Salman, Saudi Arabia's energy minister, left, and Amin Nasser, c

Putin, MBS Agree to Pressure OPEC+ to Keep Oil Production Reduced

Russian strongman Vladimir Putin and Saudi Crown Prince Mohammed bin Salman said on Thursday that the two countries would pressure fellow members of OPEC+ to “adhere” to their agreements “in a way that serves the interest of producers and consumers,” a sign the two would join to pressure smaller member nations to keep production reduced.

Prince Mohammed bin Salman (R) welcomes Russian President Vladimir Putin (L) at Al Yamamah