Saudi Arabian oil giant Aramco’s second-quarter profit falls nearly 40 per cent to US$30 billion on lower prices
- Sales stood at just over 400 billion riyals (US$106 billion), down from 562 billion riyals in the second quarter of 2022
- Aramco is the world’s second-biggest company by revenue, according to Fortune magazine
Saudi Arabia’s state-run oil giant Aramco made US$30 billion in profit in the second quarter, a nearly 40 per cent decline from the same period the previous year, which it attributed to lower crude oil prices.
Total sales stood at just over 400 billion riyals (US$106 billion), down from 562 billion riyals in the second quarter of 2022. In an earnings report filed with the Saudi stock exchange on Monday, Aramco said the decrease “mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins”.
Those kinds of earnings will come under heightened scrutiny later this year when the United Arab Emirates, another major oil producer, hosts annual UN climate talks aimed at getting the world to slash emissions and reduce its reliance on fossil fuels.
Aramco benefited from a spike in oil prices last year caused by Russia’s invasion of Ukraine. Internationally traded oil peaked at over US$120 a barrel in June 2022 before settling in a range of US$75 to US$85 for much of the past year.
