Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices
Saudi oil giant Aramco has reported half-year profits of $56.3 billion, down from the year before due to weakening volumes sold amid worries about the global economy
DUBAI, United Arab Emirates (AP) — Saudi oil giant Aramco reported half-year profits Tuesday of $56.3 billion, down from the year before amid worries about a slowing global economy.
Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was $220.7 billion, up from $218.6 billion the year before. Profits in 2023 were $61.9 billion, nearly $5 billion higher.
Despite the turmoil in the global economy, Aramco remains bullish on the future with a projected increase in demand from the aviation industry and from China.
“Growth in global oil demand is strong, reaching a record 103.2 million barrels a day in the first half of 2024, despite some headwinds,” Aramco CEO and President Amin H. Nasser told analysts on a conference call. “We expect further demand growth in the second half of the year.”
