RIYADH – Saudi Aramco reported a 22% drop in its second-quarter profit, totaling 85 billion riyals (\$22.67 billion), as lower crude and refined product prices continued to weigh on revenues.
The state-owned oil giant, a key pillar of the Saudi economy and the world’s largest oil exporter, has now recorded profit declines for 10 consecutive quarters following record earnings in late 2022.
“The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical product prices,” Aramco stated in its latest quarterly report.
Aramco’s shares traded at 23.91 riyals on Tuesday, down 12% from its secondary share offering price of 27.35 riyals last year. The company has lost over \$800 billion in market value since peaking at nearly \$2.4 trillion in 2022 amid a surge in oil prices following Russia’s invasion of Ukraine.
Despite geopolitical tensions in the Middle East, including the brief Israel-Iran conflict in June, oil prices have hovered around \$70 per barrel.
“Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half,” said Aramco President and CEO Amin H. Nasser.
By AFP
