Saudi oil giant Aramco’s profits drop over 4% as oil prices fall
[ad_1] Saudi Arabia's oil giant, Aramco, has reported a 4.6% decline in its first-quarter profits, weighed down by falling global oil prices, which have pressurised the country's ambitious multi-trillion-dollar development plans.The company posted $26 billion in net profit for the quarter ending March against the $27.2 billion earned during the same period last year. However, the company’s revenue stood at $108.1 billion, marginally higher than last year’s $107.2 billion.“Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices,” Aramco president and CEO Amin H Nasser said.The results were released in a stock exchange filing on Riyadh’s Tadawul market on Sunday.Aramco’s shares were trading above $6 on Thursday, down from about $8 last year, following a steady decline over the past year as oil prices have fallen. Only a small portion of Aramco […]