Saudi oil giant Aramco reports $30B in profits, down nearly 40% from last year due to lower prices

By BARAA ANWER
Associated Press

DUBAI, United Arab Emirates (AP) — Saudi state-run oil giant Aramco has made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year. It attributed the decline to lower crude oil prices. The company said on Monday that total sales were about $106 billion, down from $150 billion in the second quarter of 2022. Aramco is one of the biggest companies in the world, and Saudi Arabia is looking to oil revenues to fund ambitious plans to overhaul its economy. The company reported a profit of over $160 billion in 2022, the largest ever recorded by a publicly traded firm.