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HomeBusinessAramco’s Profits Dip Amid Fluctuating Oil Market

Aramco’s Profits Dip Amid Fluctuating Oil Market

Saudi Oil Titan Reports Decreased Earnings in 2023

March 10, 2024
in Business
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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.

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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.’

Tags: Aramcoenergy pricesfinancial resultsoil industrysaudi arabia
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