illuminem summarizes for you the essential news of the day. Read the full piece on The Economist or enjoy below:

🗞️ Driving the news: Saudi Aramco, the state-run oil giant, produces 9 million barrels of oil daily, nearly a tenth of the global total, and holds the largest proven reserves
• With low production costs of $3 a barrel, it generated $282 billion in net profit over the past two years. Despite this, Aramco is central to Crown Prince Muhammad bin Salman’s strategy to diversify Saudi Arabia’s economy and decarbonize energy production

🔭 The context: Aramco's oil emits less carbon during extraction than its competitors, making it attractive in a world focused on reducing emissions
• While other oil firms struggle, Aramco’s dominance is poised to grow with modest investments in reservoir maintenance

🌍 Why it matters for the planet: As the world grapples with climate change, Aramco’s relatively lower carbon footprint during extraction makes its oil a slightly less harmful option
• However, transitioning away from fossil fuels remains crucial for global decarbonization efforts

⏭️ What's next: Aramco will continue playing a key role in Saudi Arabia's Vision 2030, which aims to reduce the kingdom’s dependence on oil revenue
• This includes diversifying the economy and investing in renewable energy projects

💬 One quote: "Aramco’s product is appealing in a world increasingly concerned about global warming but still hooked on hydrocarbons," highlighting its lower carbon emissions during extraction

📈 One stat: Saudi Aramco produces 9 million barrels of oil daily, accounting for nearly 10% of the world’s total oil production

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