Saudi Aramco workers. Photo Credit: Saudi Aramco By Faisal Faeq* Despite OPEC+ output reductions and the extra 1 million barrels per day (bpd) voluntarily cut by Saudi Arabia that lowered the Kingdom’s crude oil output to around 8 million bpd in February and March (the lowest level since 2008), Saudi Aramco remained the most profitable oil company in the world in the first quarter (Q1) of this year, surpassing the five major international oil companies (IOCs) combined. It is true that oil companies have benefited from the higher oil prices and refining margins in Q1 2021, but Aramco’s net profit for that period was $21.7 billion, while the consolidated net profits from the five major IOCs (ExxonMobil, Chevron, Shell, BP, and Total) were $17.8 billion. Also, Aramco has successfully achieved higher cash dividends of $18.8 billion while the comparable figure for the five major IOCs combined was $10.8 billion. […]