Saudi oil group Aramco to pay more to state despite profits drop
- Date: 09-May-2023
- Source: The Guardian
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi oil group Aramco to pay more to state despite profits drop
The Saudi government looks set to reap greater revenues from the state-backed oil group Saudi Aramco despite the company posting a near-20% fall in quarterly profits.
The world’s largest oil and gas company said on Tuesday that its profits had fallen by 19% in its first quarter compared with a year earlier, to nearly $32bn (£25bn), caused by a drop in oil prices.
The fall in profits provides a further sign that the worst of the energy crisis, which has squeezed household budgets, may have passed.
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