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Saudi Aramco Logs 10th Straight Profit Decline as Q2 Revenues Fall

Amin Nasser projects oil consumption rising by over two million barrels per day late this year ahead of OPEC+ lifting remaining output cuts in September.

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The world's biggest oil exporter has now seen profits decline for 10 straight quarters since record results in late 2022.
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Overview

  • Aramco’s net income in the second quarter fell 22% year-on-year to 85 billion riyals, marking its tenth consecutive quarterly profit drop.
  • Revenues slipped to 378.83 billion riyals from 425.71 billion a year earlier as crude and refined product prices weakened.
  • In March the company cut its full-year dividend commitment to $85.4 billion from $124.2 billion in 2024 to preserve cash flow.
  • To shore up liquidity, Aramco has tapped debt markets with roughly $14 billion in bond issuances since late 2024.
  • Saudi Arabia and seven other OPEC+ members will restore 2.2 million barrels per day of voluntary cuts in September.