From late February through June, crude oil prices rose more than 36 percent to nearly $120 a barrel, partly under pressure from Western sanctions used to punish Russia. In recent weeks, major oil companies such as Exxon Mobil, Chevron, Shell, BP and TotalEnergies have made huge, often record-breaking profits.
The rising price of crude oil led to sharp increases at the gas pump, with the average price per gallon in the United States briefly surpassing $5.
Since June, oil prices have fallen lower, with Brent oil, the international benchmark, at $98 a barrel on Friday, and gas falling below $4 a gallon on average in the United States. But prices remain relatively high — a year ago Brent was about $61 a barrel — and there are growing concerns that major oil producers are approaching a limit in how much they can produce.
Aramco’s chief executive, Amin H. Nasser, appeared to address those concerns in the company’s statement on Sunday.