Value of revenue of Saudi Aramco 2017-2023

in 2023, Saudi Aramco had a revenue of about 441 billion U.S. dollars. This was a drop from 535.18 billion U.S. dollars in the previous year. 

Saudi Aramco overview

Saudi Aramco, also known as Saudi Arabian Oil Company, is the world's largest oil producer. It was established in the city of Dhahran in Saudi Arabia. Over the past 80 years it became the world’s leader in hydrocarbons exploration, production, refining, distribution, and marketing. Saudi Aramco’s oil and gas production infrastructure leads the industry in production scale, operational reliability, and technical advances. Today, it is one of the most profitable companies worldwide, reporting a net income of over 100 billion U.S. dollars in the 2021 fiscal year.

Saudi oil industry

Despite experiencing a drop in 2020, the gross domestic product of the oil sector in Saudi Arabia was over 600 billion Saudi riyals. Saudi Arabia has one of the largest oil reserve in the world, measuring more than 40 billion metric tons. Oil production in Saudi Arabia exceeded 11 million barrels per day. Moreover, it is the global export leader in the oil industry. The huge quantity of petroleum and the ease of extraction gave the country an edge over other oil producers, making them more cost effective.