Aramco profit drops by 20% – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
- Date: 03-Jun-2023
- Source: Arab Times Kuwait
- Sector:Oil & Gas
- Country:Saudi Arabia
Aramco profit drops by 20% – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
This post has been read 7658 times!
DUBAI, May 9, (AP): Oil giant Saudi Aramco reported a first-quarter profit on Tuesday of $31.88 billion, down nearly 20% from the same period last year as energy prices have sunk over global recession concerns.
The firm known formally as the Saudi Arabian Oil Co. blamed the drop – compared to $39.47 billion in the same quarter last year – on the lower crude oil prices. Aramco made a $30.73 billion profit in the fourth quarter of last year. “We continue to deliver high reliability and low cost of production financially,” Aramco President and CEO Amin H. Nasser said on a conference call with analysts. “We continue to generate strong earnings and cash flows further, demonstrating our ability to deliver through oil price cycles.” Benchmark Brent crude traded Tuesday around $76 a barrel, down from a high of $125 in the last year. Saudi Arabia’s vast oil resources, located close to the surface of its desert expanse, make it one of the world’s least expensive places to produce crude.
Select Sector 
Select Country 
