Saudi Aramco Q2 profits drop 38% on lower prices

Saudi Aramco Q2 profits drop 38% on lower prices

RIYADH: 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. Aramco’s CEO Amin Nasser said in a separate statement that “our strong results reflect our resilience and ability to adapt through market cycles.”

The firm’s “mid to long-term view remains unchanged”, he added. “With a recovery anticipated in the broader global economy, along with increased activity in the aviation sector, ongoing investments in energy projects will be necessary to safeguard energy security.” Production from the world’s biggest crude exporter was down after Riyadh in April announced cuts of 500,000 barrels per day, part of a coordinated move with other oil powers to slash supply by more than one million bpd in a bid to prop up prices. In June, the Saudi energy ministry announced a further voluntary cut of one million bpd which took