Saudi oil giant Aramco announces USD 121 billion profit last year, down from 2022 record

Saudi oil giant Aramco reported Sunday a USD 121 billion profit last year, down from its 2022 record due to lower energy prices.

Aramco made the announcement in a filing in Riyadh's Tadawul stock market.

It had reported a USD 161 billion profit in 2022, likely the largest ever reported by a publicly traded company.

“The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins,” the company said in its filing.