Saudi Aramco's profit surges by 81% in Q1

Saudi Aramco, the state-owned oil company, reported a massive 81% increase in profit during the first quarter this year, thanks to the high oil prices. It went past another milestone last week by dethroning Apple as the most valuable company in the world - for a brief period. Despite the obvious sensitivity over the issue, when the whole world suffers from high crude oil prices, Saudis showed elation over the ; if criticism over pursuing profits at the expense of global economic growth as a whole gets intense, Saudis may defend the achievement by pointing to the losses that the oil giant suffered in the aftermath of the great oil price crash in April, 2020. Saudi Arabia and the UAE have been under pressure by the main oil consuming nations in the world for months; the latter demand increased output something that the former resist, citing lack of investment in the sector as the main reason to elevate the output. Of course, the Kingdom - along with the UAE - did not buckle under p