Saudi oil giant Aramco posts 25% fall in full-year profit

Saudi Arabia’s state oil giant Aramco reported a 25% decline in profit to $121.3 billion in 2023, down from $161.1 billion in 2022. Aramco attributed the decrease to lower crude oil prices and volumes sold, as well as reduced refining and chemicals margins. However, the decline was partially offset by a decrease in production royalties, income taxes, and zakat. Aramco also reported a 17% decrease in total revenue to $440.88 billion, down from $535.19 billion the previous year.