Aramco reports lower half-yr profits as economic worries dampen energy rate

Saudi oil giant Aramco reported half-year profits Tuesday of USD 56.3 billion, down from the year before due to weakening volumes sold amid worries about the global economy.

Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was USD 220.7 billion, up from USD 218.6 billion the year before. Profits in 2023 were USD 61.9 billion, nearly USD 5 billion higher.

The decrease was primarily a result of lower crude oil volumes sold, weakening refining margins and lower finance and other income, Aramco said in a filing on Riyadh's Tadawul stock exchange. This was partially offset by higher crude oil prices and lower production royalties compared to the same period last year and lower income taxes and zakat, or Islamic charitable contributions.

Saudi Arabia, a leader in the OPEC cartel, has allied with Russia and others outside of the group to try to keep production down to boost global oil prices. Benchmark Brent crude traded around USD 77 a barrel