In 2022, when oil prices reached record levels due to supply concerns triggered by the Russia-Ukraine War, the total revenue of the 8 largest publicly traded oil companies in the world increased by nearly 50 percent compared to the previous year and exceeded $2.4 trillion.
The oil market entered a turbulent period after the Russia-Ukraine War, which broke out at a time when supply and supply problems arose after the Covid-19 epidemic and global economies were struggling with high inflation.
While the energy crisis, which deepened with the sanctions, restrictions and ceiling price practices of Western states on Russian oil exports, reached a critical level with the concerns that counter-steps from Russia would disrupt the global supply supply, it also caused sudden increases in oil prices.
The barrel price of Brent oil, which is accepted as an international reference, exceeded $139 on March 7 last year, and this figure was recorded as the highest level since July 2008. On February 23, 2022, the day before the start of the war, the price of a barrel of Brent oil was traded at the highest level of $ 98.71.
The barrel price of Brent oil, which recorded a record rise in the first half of the year, retreated in the second half of the year, as concerns about increasing demand in global markets overcame supply concerns. The barrel price of Brent oil fell to $75.64 on December 9, 2022.
During this period, Saudi Arabian national oil company Aramco was the company that generated the most revenue. The company's revenue exceeded $604 billion last year, up more than 50 percent from the previous year.