Saudi oil giant Aramco reports 40% less profits in Q2 year-on-year
Total sales stood at just over $106 billion, down from $150 billion in the second quarter of 2022. In an earnings report filed with the Saudi stock exchange, Aramco said the decrease “mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins.” The company reported net income of $30 billion, compared to $48 billion in the second quarter of 2022, a decline of 37.8 percent. Aramco nevertheless raised its dividend
