OIL giant Saudi Aramco said on Sunday that it had raked in a staggering record $161 billion (£133.8bn) in profits last year, attributing its earnings to higher crude oil prices.

The firm said in its annual report that the profit represented “its highest annual profits as a listed company.”

Saudi Aramco chief executive Amin H Nasser said in a statement: “Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real, including contributing to higher energy prices.”