A decline in prices hurt revenues, causing Saudi Aramco’s profit to drop 22% in the second quarter to 85 billion riyals ($22.67 billion), the oil company reported on Tuesday.
Since setting new records in late 2022, Aramco, the largest oil exporter in the world and the engine of the Saudi economy, has now witnessed a ten-quarter run in declining profits.
“The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical products prices,” Aramco said in its quarterly report.
The Gulf oil major was trading at 23.91 riyals on Tuesday, 12 percent below the 27.35 riyals price of its secondary share offering last year.
Since a high point of nearly $2.4 trillion in 2022, when oil prices soared following Russia’s invasion of Ukraine, Aramco has lost more than $800 billion in market value.
Oil prices, currently around $70 a barrel, have remained low despite tensions roiling the Middle East, including the short-lived Israel-Iran war in June.
“Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half,” said Aramco president and CEO Amin H. Nasser.
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