Saudi Aramco Q2 profits drop 38% on lower prices: statement

Saudi Aramco Q2 profits drop 38% on lower prices: statement

Oil firm Saudi Aramco on Monday announced profits of $30.08 billion for the second quarter, a sharp fall from the same period last year when prices surged after Russia invaded Ukraine.

The 38-percent year-on-year decline "mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins", the largely state-owned company said in a statement published on the Saudi stock exchange.

The decline followed a drop of 19.25 percent in first-quarter net profit.