Saudi oil giant Aramco’s profits fall after record in 2022
March 10, 2024
Saudi Arabia’s Oil Group, often referred to simply as Aramco, on Saturday reported a 24.7% decline in profits for 2023 compared with the previous year, when Russia’s invasion of Ukraine sent oil prices well above current levels.
Net profit reached 454.7 billion Saudi riyals (around 121 billion dollars or 111 billion euros), compared to profits exceeding 160 billion dollars in 2022, the oil giant said in a document presented to Saudi stock market.
“The decline primarily reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemical margins,” Aramco said.
Source: DW
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