The Saudi Aramco oil group announced on Sunday that its net profits increased by 46.4 percent in 2022 compared to 2021, which indicates the impact of the rise in oil prices after the Russian invasion of Ukraine on stimulating growth in the largest oil-exporting country in the world.

The giant group said in a statement published on the Saudi Stock Exchange (Tadawul) website that its net income reached 604.01 billion Saudi riyals ($161.07 billion) in 2021, compared to 412.4 billion Saudi riyals ($110 billion) in 2021.

She pointed out that "this increase mostly reflects the impact of higher crude oil prices and the quantities sold, and the strong increase in profit margins from the refining business."

Aramco's results correspond with the record profits for the year 2022 recorded by the five major oil companies, "Shell", "Chevron", "Exxon Mobil", "BP" and "Total Energy", which exceeded $ 150 billion and would have approached $ 200 billion had it not been for Costly withdrawals from Russia.

It also boosted Saudi Arabia's overall economic growth, which its officials estimate will reach 8.7% in 2022, the highest growth rate in the G20 countries.

Energy prices are expected to remain high in 2023. This is partly due to the decision to cut production approved by the Organization of the Petroleum Exporting Countries (OPEC) led by Riyadh and its ten partners in the "OPEC Plus" alliance headed by Moscow last October, in a move criticized by Washington strongly.

Over the past few years, Aramco facilities have been subjected to attacks by drones and missiles claimed by the Iran-backed Houthi rebels, the most recent and severe of which was about a year ago.

However, a surprising agreement announced Friday between Riyadh and Tehran to resume diplomatic relations severed between them since 2016 may reduce these risks in the coming months.

Saudi Arabia is pursuing policies of social openness and others aimed at diversifying its oil-dependent economy, especially since Prince Mohammed bin Salman came to power in 2017. It spends lavishly to invest in the tourism, entertainment and sports sectors.