Aramco Announces $121 Billion Profit for 2023, Despite Lower Oil Prices

The Saudi oil giant's profit marks a decrease from its 2022 record, amid global economic challenges and a strategic shift in production.

Aramco's $121 billion profit in 2023 represents a decline from the previous year's record profit, attributed to lower crude oil prices and reduced volumes sold.
Despite the profit decrease, Aramco raised its dividend payout to $31 billion in the fourth quarter, supporting the Saudi government's budget amid a widening deficit.
The company has been directed by the Saudi government to halt expansion plans, aiming to reallocate funds towards increasing gas production and chemicals business.
Aramco's total dividend for 2023 reached nearly $98 billion, with expectations of a significant increase in payments for 2024.
Saudi Arabia faces economic pressures, with a predicted budget deficit every year until 2026, prompting a reevaluation of its ambitious economic transformation projects.