Saudi Aramco profit falls by almost 20%

According to statistics released by Saudi Aramco recently, due to the downward trend of international oil prices, the company's final profit in the first quarter decreased by nearly 20% compared with the same period last year.

Statistics show that the company's final profit was US$31.9 billion, down 19% from the same period last year. Last year, benefiting from the sharp rise in oil prices following the Russia-Ukraine conflict, Saudi Aramco's final profit for the year hit the highest level since its listing in 2019. However, since the second half of last year, due to concerns about the slowdown of the global economy, the futures price of the international crude oil market as a benchmark has been in a downward trend. Major producers such as Saudi Arabia, which relies on oil revenues, have slashed crude output since May to support prices.

It is said that major oil-producing countries plan to negotiate future oil production countermeasures next month. But if oil prices continue to fall, it will affect oil revenues that support the domestic economies of oil-producing countries.