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The oil titan began looking at its portfolio in 2020, establishing a group to do so not long after a sink in the oil market caused by Covid-19, according to reports.
![Aramco [GETTY]](/sites/default/files/styles/large_16_9/public/media/images/245EEF0F-5E03-42B5-8A2B-7E93431DAA8D.jpg?h=d1cb525d&itok=1rUU0IgU "Aramco [GETTY]")
The outlook for Saudi Arabia's Aramco has been ranked as positive by rating agency Fitch as oil prices continue to soar from the Russian invasion of Ukraine.
The increase in net income by 158 percent was 'primarily the result of higher crude oil prices and volumes sold,' said the Saudi oil giant Saudi Aramco.
The US previously accused Saudi Arabia of siding with Russia following a previous production cut last October.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that protecting Saudi Arabia's oil companies from cyber attacks was of paramount importance.
France's energy minister said that Saudi Arabia should review its target of achieving net zero carbon emissions by 2060, and bringing the goal forward for as soon as 2030.
Saudi Arabia's cut in oil production could be extended beyond August, the Saudi Energy Minister said.
![Kuwait oil prices [AFP]](/sites/default/files/styles/large_16_9/public/media/images/FD774746-AEED-435C-B283-BCAB9DAFE28B.jpg?h=d1cb525d&itok=5ft8qOQK "Kuwait oil prices [AFP]")
Iran's attack on Israel has injected fresh anxiety into oil markets already roiled by regional tensions from the war in Gaza.
![Ahmed Zaki Yamani [Corbis]](/sites/default/files/styles/large_16_9/public/media/images/578335CE-4FDA-4582-997C-39DC549B1F81.jpg?h=d1cb525d&itok=JHfTC3dk "Ahmed Zaki Yamani [Corbis]")
Known for his Western-style business suits and soft-spoken, measured tones, Ahmed Zaki Yamani helped Saudi Arabia command a dominating presence in OPEC from its birth.
Iraq has cut Basrah Light crude prices for Asia by a larger extent compared with Saudi grades following unsold Basra crude cargoes last month.