Aramco's Second-Quarter Profit Declines Amid Lower Crude Volumes

Saudi oil giant Aramco reported a 3.4% fall in second-quarter profit due to reduced crude volumes and softer refining margins, posting a net income of 109.01 billion riyals ($29.03 billion) for the period ending June 30, surpassing analysts' median estimate of $27.7 billion.

Saudi oil giant Aramco reported a decline in second-quarter profit, falling by 3.4% due to reduced crude volumes and softer refining margins.

Despite the downturn, Aramco posted a net income of 109.01 billion riyals ($29.03 billion) for the three months ending June 30, outperforming the median estimate of $27.7 billion from 15 analysts.

The results underscore ongoing challenges in the energy market affecting Saudi Arabia's state-run oil powerhouse.