Saudi Aramco’s Q1 profit down 14.5 percent: statement [Video]

This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. Saudi Arabia has put a second four-percent chunk of shares of the Aramco energy giant, worth tens of billions of dollars, under the control of the country’s sovereign wealth fund, state media said..Photo: Fayez Nureldine / AFPSource: AFP

Oil giant Saudi Aramco announced first-quarter net profit of $27.27 billion on Tuesday, down 14.5 percent from last year as the Gulf kingdom kept production cuts in place.

Net income was 102.27 billion riyals ($27.27 billion), down from 119.54 billion riyals ($31.88 billion) for the same quarter in 2023, Aramco said, adding that “the decrease was primarily a result of lower crude oil volume sold”.

The world’s biggest crude exporter is currently producing roughly nine million barrels per day (bpd), well below its capacity of 12 million bpd.

That follows a series of …