Aramco, BP Q1 profits down

By Agence France-Presse

May 08, 2024 12:30 am

RIYADH – Oil giant Saudi Aramco announced first-quarter (Q1) net profit of $27.27 billion on Tuesday, down 14.5 percent from last year as the Gulf kingdom kept production cuts in place.

Net income was 102.27 billion riyals ($27.27 billion), down from 119.54 billion riyals ($31.88 billion) for the same quarter in 2023, Aramco said, adding that 'the decrease was primarily a result of lower crude oil volume sold.'

SLUMP This photo shows Aramco tower in Riyadh, Saudi Arabia, on April 16, 2023. Aramco, as well as British energy giant BP, on Tuesday, May 7, 2024, reported a dip in their first-quarter profits. AFP PHOTO

Already have an active account? Log in here to continue reading.
Or
Subscribe to the Premium Subscription plan to access this subscriber-exclusive article.

Related Articles

Meta plans to invest $60-B or more in AI this year

WTO chief warns of tit-for-tat tariffs

SG central bank eases its monetary policy

Mitsubishi mulls foregoing Nissan-Honda merger

Bank of Japan hikes interest rate

Boeing warns Q4 loss bigger than expected

CNN eyes 200 job cuts