The managers of Saudi Aramco are highly sought after in the energy industry. As a state-owned oil giant, the company produces 9 million barrels of oil each day, making it the world’s largest producer. With vast reserves of oil that are projected to last well into the second half of the century at current pumping rates, Aramco has a significant advantage over its competitors. Additionally, its production costs are minimal at just $3 per barrel, significantly lower than its Western counterparts. Over the past two years, Aramco has generated an impressive $282 billion in net profit.
However, as with many oil giants, Aramco faces pressure to address environmental concerns. Its oil emits carbon when burned, contributing to greenhouse gas emissions. Despite this, compared to its competitors, Aramco releases less carbon per barrel, making it a more appealing choice for consumers looking for cleaner energy sources. As smaller competitors struggle to keep up with their production rates and dwindling reserves, Aramco’s market share is expected to grow substantially with minimal investments.
Despite its potential for growth and success in the industry, Saudi Aramco is facing increased demands from Crown Prince Muhammad bin Salman to reduce the country’s dependence on oil and diversify its economy. As a result, the company’s employees are working harder than ever to meet these ambitious goals set by the country’s leader. While it may be challenging for Saudi Aramco to completely transition away from oil production, it is clear that the company must adapt and innovate if it wants to remain competitive in an increasingly diverse energy landscape.
