Nasser warned that capacity remained limited as demand was increasing after a period of low investment in the industry.

“With the COVID restrictions in China easing up, that will add to the demand ... The aviation industry will also add to the demand,” he said.

Aramco is almost entirely owned by Saudi Arabia but listed a small percentage of shares on the Saudi stock exchange in 2019, allowing investors to buy a stake in the company. It is worth about $US2.4 trillion, with shares up more than a quarter this year. The company kept its dividend unchanged at $US18.8 billion.

Nasser said investment in expanding oil output was “essential” as demand continues to grow.

In March, Aramco pledged to increase investment by around 50 per cent this year. It said it would boost capital expenditure to $US40-$US50 billion, with further growth expected until around the middle of the decade.

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“While there is a very real and present need to safeguard the security of energy supplies, climate goals remain critical, which is why Aramco is working to increase production from multiple energy sources - including oil and gas, as well as renewables and blue hydrogen,” Mr Nasser said.

The company is looking to work with partners to invest in carbon capture, renewable energy, and hydrogen production as part of its goal to reach net zero carbon emissions from operations by 2050.

Aramco made $US87.9 billion in the first six months of the year, almost surpassing its pre-pandemic annual profits in 2019.

It is using its record cash haul to cut debt and invest in an expansion of its maximum oil production capacity by million barrels a day to 13 million.

Telegraph, London

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