Saudi Aramco profit drops 22 percent on lower prices / Photo: © AFP/File
-
England captain Stokes 'man enough' to apologise for curfew breach
-
France detects first Ebola case outside Africa in current outbreak
-
England captain Stokes 'man enough' to apologise after curfew breach
-
'GTA VI' preorders mark first test for biggest game of 2026
-
German naval ambitions suffer setback as warship order axed
-
Stocks rebound after tech rout, oil prices drop
-
London police to extend use of live facial recognition, drones
-
Australia spy chief warns of Iran terror threat
-
Europe swelters under record-breaking heatwave
-
Heatwave-hit Europe must adapt healthcare: WHO
-
Iran says deal to end Mideast war 'declaration of US defeat'
-
Euclid telescope snaps best photo yet of Milky Way's heart
-
S.Korea chip giant SK hynix seeks $29 bn in Nasdaq listing: regulatory filing
-
French-German tank maker KNDS fires starting gun on mega-IPO
-
'Pragmatists' vs 'hardliners': Is Iran split over US deal?
-
Right-winger Fujimori poised to win Peru president runoff
-
H5 bird flu detected in second Australia state
-
Major power outage in France as Europe wilts under record heat
-
Brazil aim for last 32 as World Cup goes into hectic phase
-
Back in stork: returning birds bring joy to Croatian village
-
Necessity drives gold miners in DR Congo's Ebola epicentre
-
China premier urges AI governance to avoid 'losing control'
-
Japan PM heckled at WWII memorial
-
Colombia beat DR Congo 1-0 to reach World Cup knockouts
-
Hanoi residents mount silent protest over home demolitions
-
West Indies brace for Sri Lanka challenge as Da Silva returns
-
US Congress passes symbolic Iran war rebuke to Trump
-
Stokes urged to use curfew controversy as fuel to beat New Zealand
-
Bolivia's government is 'stoking a civil war,' ex-president Evo Morales tells AFP
-
Seoul bounces as Asian markets look to recover from rout
-
Fans in China put politics aside to cheer Japan at World Cup
-
North Korea's Kim unveils plans for 10,000-tonne warships, nuclear navy
-
Geopolitics and AI in spotlight at China's 'Summer Davos'
-
Ghosts of Gijon linger as new World Cup format encourages collusion
-
Race for robotaxi market arrives in London
-
Panama out of World Cup after defeat to Croatia
-
Moana Pasifika axed from Super Rugby after rescue talks fail
-
Wizards choose teenage talent Dybantsa with No.1 pick in NBA Draft
-
Golden Boot battle steals the show at World Cup
-
Tuchel insists England remain on course at World Cup despite Ghana draw
-
Red or green? For Brazil, the politics of World Cup kits matter
-
Bellingham rues England's 'second game fever' after Ghana draw
-
US Congress passes landmark housing affordability bill
-
Meta offers lower cost glasses as wearables competition heats up
-
Dream job: US soccer fans paid to watch every World Cup game
-
England left frustrated by Ghana in World Cup draw
-
Europe wilts under record heat as AC sales soar
-
Grieving Deschamps to miss France's final World Cup group game
-
Rubio rejects Iran tolls on Hormuz as deal strains multiply
-
Two-goal Ronaldo delights in silencing critics after 'attacks'
Saudi Aramco profit drops 22 percent on lower prices
Saudi Aramco's profit slid 22 percent in the second quarter to 85 billion riyals ($22.67 billion) as a slump in prices hit revenues, the oil giant said on Tuesday.
Aramco, the world's biggest oil exporter and driver of the Saudi economy, has now seen profits decline for 10 straight quarters since record results in late 2022.
"The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical products prices," Aramco said in its quarterly report.
The Gulf oil major was trading at 23.91 riyals on Tuesday, 12 percent below the 27.35 riyals price of its secondary share offering last year.
Since a high point of nearly $2.4 trillion in 2022, when oil prices soared following Russia's invasion of Ukraine, Aramco has lost more than $800 billion in market value.
Oil prices, currently around $70 a barrel, have remained low despite tensions roiling the Middle East, including the short-lived Israel-Iran war in June.
"Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half," said Aramco president and CEO Amin H. Nasser.
L.Maurer--VB