Saudi Arabia’s oil colossus, Aramco, disclosed a profit of $121 billion for the past year, marking a decline from its record-breaking performance in 2022. The company attributed the slump to a combination of softer crude oil prices, reduced sales volumes, and tighter margins in the refining and chemicals sectors. This financial update was released in a statement to the Riyadh Tadawul stock market.
In contrast, the year 2022 saw Aramco achieve an unprecedented profit of $161 billion, which stands as one of the highest ever reported by a publicly listed company. The latest earnings signify a notable reduction, indicating the volatile nature of the global energy markets and their impact on oil producers.
The statement from Aramco detailed that the downturn was chiefly due to the ‘lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins.’