Saudi oil company Aramco made profits of 224 billion U.S. dollars in 2018, said Fitch Ratings, a major credit rating agency.

"Its 2018 liquid production and total hydrocarbon production averaged 11.6 million and 13.6 million barrels of oil equivalent per day, respectively, well ahead of the upstream output of global and regional integrated producers," the agency was quoted as saying by local newspaper Riyadh daily on Monday.

Aramco estimates its proven reserves at 227 billion barrels and its total hydrocarbon reserves at 257 billion barrels of oil equivalent, which implies a reserve life of 52 years.

Aramco said last week that it bought 70 percent of the fourth largest chemical producer SABIC.