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A Saudi Aramco official watches progress at a rig at the al-Howta oil field near Howta, Saudi Arabia, in 1997
SAUDI ARABIA’s state oil company was revealed to be the world’s most profitable business today.
A Moody’s Investors Services assessment published yesterday showed that Saudi Aramco’s net profits reached $111 billion (£85.1bn) last year on revenues of £273.1bn.
The company’s profits are four times higher than its polluting rivals Shell (£17.6bn) and ExxonMobil (£16.1bn), and significantly higher than tech company Apple (£46bn), whose products contain coltan extracted from mines in the conflict-torn Democratic Republic of Congo.
Moody’s said the fossil fuel giant pulled in $355.9bn in revenue last year and produced 10.3 million barrels of crude oil a day, most of which needs to stay in the ground if a reduction in global carbon emissions is to be achieved.
As Saudi Arabia is hailed abroad for its ‘reforms,’ the reality for women inside the kingdom grows ever more repressive. On the International Day for the Elimination of Violence Against Women, MARYAM ALDOSSARI argues it is time to stop applauding the illusion – and start listening to the women the state works hardest to silence
From summit to summit, imperialist companies and governments cut, delay or water down their commitments, warn the Communist Parties of Britain, France, Portugal and Spain and the Workers Party of Belgium in a joint statement on Cop30
