Saudi Aramco’s employees are facing increasing demands as the company’s market share is likely to increase in the future. This is due to the ambitious plans of Saudi Arabia’s crown prince and de facto ruler, Muhammad bin Salman. His strategy aims to reduce the country’s reliance on oil, diversify its economy, and transition towards cleaner energy sources. Despite these challenges, Saudi Aramco plays a crucial role in helping Saudi Arabia achieve these goals.
As a state-run oil company, Saudi Aramco produces a massive 9 million barrels of oil per day, more than any other company in the world. With the largest proven reserves of oil that could last well into the second half of the century at current rates, the company boasts production costs of just $3 per barrel, a fraction of what its Western competitors have to deal with. This has allowed Saudi Aramco to rake in a staggering $282 billion in net profits over the past two years. However, despite these financial gains, there are environmental concerns associated with burning oil that need to be addressed.
Despite these concerns, it is clear that Saudi Aramco remains a formidable force in the energy industry. With relatively minor investments to maintain its reservoirs and keep up with changing consumer demands, it is likely that their market share will continue to grow for many years to come. While less fortunate companies struggle and fail, it seems that this success will come at a cost for those working at Saudi Aramco as they face increasing demands from their employers in order to help achieve their new goals for diversification and sustainability.
