Skip to Content

Saudi Arabia’s Aramco reports lower half-year profits as economic worries dampen energy prices

KIFI

Associated Press

DUBAI, United Arab Emirates (AP) — Saudi oil giant Aramco has reported half-year profits of $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 Tuesday its overall revenue for the half-year was $220.7 billion. That’s up from $218.6 billion the year before. Profits in 2023 were $61.9 billion, nearly $5 billion higher. Benchmark Brent crude traded around $77 a barrel on Tuesday after Japan’s Nikkei stock market plunged 12.4% Monday in its worst single-day decline since 1987.

Article Topic Follows: AP National

Jump to comments ↓

Author Profile Photo

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content