Saudi Aramco profit drops 22 percent on lower prices / Photo: Fayez Nureldine - AFP/File
-
UK'S King Charles breaks precedent to reveal £30 mn paid in taxes since 2022
-
Nasdaq falls again on mixed day for US stocks, oil prices rise
-
Yoon grabs early Women's PGA Championship lead with Korda in hunt
-
France squad look to do grieving Deschamps proud in final World Cup group game
-
Will Taylor Swift and Travis Kelce wed in New York? Clues abound
-
Mayweather's Athens fight with Zambidis is off: report
-
Lawyer says Vondrousova 'should appeal' against four-year ban
-
Alonso committed to Aston Martin, but keeping options open
-
Hospitals raise alert as heatwave slams Europe
-
Events cancelled, records loom as heatwave reaches Germany
-
'Alligator Alcatraz' detention center shuts in US: official
-
Czech striker Schick ends international career
-
Tennis great Evert says 'relentless' cancer has returned
-
US says wants deal with Iran, but not 'at any price'
-
Colombian president-elect gives armed groups one month to surrender
-
US Supreme Court hands win to Bayer in weedkiller litigation
-
New Zealand's Latham and Conway pile on the runs before Stokes breakthrough
-
Apple raises prices for MacBooks and iPads, as costs soar over AI
-
Dominant Osaka sails into Bad Homburg semis
-
UK suffers as heat breaks new June record
-
US Supreme Court says asylum seekers can be turned away before border
-
Binance to suspend crypto services in several EU countries
-
Olivia Wilde looks at evolving relationships in 'The Invite'
-
Hamilton reveals neck injury that hampered debut year with Ferrari
-
Rows, drones and 'sorry' Son as South Korea await World Cup fate
-
Noosha Aubel and Dietmar Woidke: How Potsdam Is Letting Down a Young Child with Profound Disabilities
-
Antonelli welcomes Mercedes upgrade as Russell says beware Hamilton
-
Greek families receive keepsakes of Holocaust victims
-
Antonelli welcomes Mercedes upgrade ast Russell says beware Hamilton
-
Easyjet rejects latest takeover bid but leaves door ajar
-
HRW denounces Turkey arrests ahead of NATO summit
-
Macron hosts Meloni for Riviera talks after Trump rift
-
Alonso committed to Aston Martin, but is keeping options open
-
US Supreme Court paves way for mass deportation of Haitians, Syrians
-
Venezuelans trapped alive after twin quakes kill at least 164
-
South Africa vows firm response to anti-migrant violence
-
New Zealand make England toil as Stokes returns for series decider
-
Poland, Ukraine hold key Gdansk conference without Zelensky
-
Americans impacted by climate change demand answers from lawmakers
-
Massive police deployment blocks Kenya protest anniversary
-
Heat-struck Italians cool off in ancient stone 'trulli'
-
Court orders TotalEnergies to account for clients' emissions
-
French teaching unions call strike over 'unacceptable' heat
-
Stocks rally on renewed AI optimism, oil price declines
-
US Fed's preferred inflation gauge hits fresh three-year high
-
Venezuela twin quakes kill at least 164 with many trapped under rubble
-
Dominant Osaka cruises into Bad Homburg semis
-
IOC votes to continue ski mountaineering for 2030 Games
-
New Zealand frustrate England as Stokes returns for series decider
-
Stocks rally on AI optimism after Micron's blowout forecast
Saudi Aramco profit drops 22 percent on lower prices
Saudi Aramco's profit slid 22 percent in the second quarter to 85 billion riyals ($22.67 billion) as a slump in prices hit revenues, the oil giant said on Tuesday.
Aramco, the world's biggest oil exporter and driver of the Saudi economy, has now seen profits decline for 10 straight quarters since record results in late 2022.
"The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical products prices," Aramco said in its quarterly report.
The Gulf oil major was trading at 23.91 riyals on Tuesday, 12 percent below the 27.35 riyals price of its secondary share offering last year.
Since a high point of nearly $2.4 trillion in 2022, when oil prices soared following Russia's invasion of Ukraine, Aramco has lost more than $800 billion in market value.
Oil prices, currently around $70 a barrel, have remained low despite tensions roiling the Middle East, including the short-lived Israel-Iran war in June.
"Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half," said Aramco president and CEO Amin H. Nasser.
R.Garcia--AT