Saudi Aramco quarterly profit dips as output stays low
Saudi oil giant Aramco on Tuesday reported net profit of $29.07 billion in the second quarter, a slight drop from the same period last year as output remained subdued.
The decrease of 3.4 percent "mainly reflects the impact of lower crude oil volumes sold and weakening refining margins", the company said in a statement posted to the Saudi stock exchange.
Saudi Arabia, the world's biggest crude exporter, is currently producing roughly nine million barrels per day (bpd), well below its capacity of 12 million bpd.
![Aramco is the jewel of the Saudi economy and the main source of revenue for Crown Prince Mohammed bin Salman's ambitious economic and social reforms.](/sites/default/files/styles/article_header/public/2023-05/ad1a7ddd052e8c3df3564569eb2d881b18ef93d1.jpg?h=69f2b9d0&itok=1wekb8LI)