"Aramco's Record-Breaking Profits and Global Investments"

Saudi oil giant Aramco reported a $121 billion profit in 2023, its second highest on record, attributing the decrease from 2022 to lower energy prices and production volumes. Despite the dip, the company increased dividends to over $31 billion in the fourth quarter. Aramco's overall revenue was $440 billion, down from $535 billion in 2022, with plans to discuss its results in a conference call. The company's output remains at 12.8 million barrels of oil a day, as it adheres to Saudi government orders to maintain production levels. Saudi Arabia, a key OPEC member, continues to collaborate with Russia and others to limit production and bolster global oil prices. Crown Prince Mohammed bin Salman aims to diversify the kingdom's economy away from oil sales through ambitious projects like the futuristic city Neom, while activists criticize the profits amid climate change concerns.