US EditionSaudi Aramco posts drop in quarterly revenues amid lower crude, oil products prices
SAUDI ARABIA, AUG 5 – Saudi Aramco's net income fell 22% to $22.67 billion due to weaker oil and chemical prices despite increased production and trading volumes, marking 10 quarters of profit decline.
- Saudi Aramco reported a 22 percent drop in its second-quarter profit to 85 billion riyals amid lower crude oil and product prices.
- The profit decline, marking 10 straight quarters of decreases since late 2022, results from reduced revenues caused by weaker oil prices and refined products.
- The OPEC+ coalition, with Saudi Arabia and Russia playing key roles, announced an increase of 547,000 barrels per day in oil production for September as part of the gradual rollback of earlier voluntary output reductions scheduled to begin in April 2025.
- Aramco CEO Amin Nasser expressed confidence in the market, expecting that oil consumption during the latter half of 2025 will increase by over two million barrels daily compared to the first half of the year.
- Although profits have decreased recently amid geopolitical unrest, Saudi Arabia's robust financial reserves ensure economic stability and the continuation of investment initiatives in the near future.
61 Articles
61 Articles
Saudi Aramco profit drops as it flags cost cuts, divestments
DUBAI: Saudi Arabian oil company Aramco reported a 22 per cent drop in second-quarter profit on Tuesday, and the world’s top oil exporter said it was cutting costs and looking to divest assets as crude prices drop and its debt mounts. © New Straits Times Press (M) Bhd
Lower Oil Prices Drag Saudi Aramco’s Q2 Profit Down by 20%
The world’s top crude oil exporter, Saudi Aramco, reported on Tuesday a 20% decline in second-quarter earnings as lower oil prices weighed on revenues despite rising production in line with the OPEC+ policy. Aramco, which is also the world’s biggest oil company by market capitalization and production, booked a net income attributable to shareholders of $22.85 billion for the second quarter, down by 19% from the same period last year. The income…
Saudi Arabia’s Aramco reports disappointing earnings
Saudi Arabia’s state oil giant reported worse-than-expected earnings, with quarterly profit falling for a 10th successive quarter, a protracted decline that threatens to slow the kingdom’s economic transformation. Paradoxically, Aramco is key to Saudi efforts to wean itself off oil: The company’s dividends power Riyadh’s $1.15 trillion sovereign wealth fund, which plays a growing role in the domestic economy, and future stock sales could acceler…
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