Saudi Aramco Profit Falls on Lower Oil Prices, Volumes - The Wall Street Journal
Saudi Aramco Profit Falls on Lower Oil Prices, Volumes - WSJ
Updated Nov. 7, 2023 2:31 am ET
Saudi Arabia’s national oil company reported a fall in quarterly profit due to lower energy prices and volumes sold in the period, but kept its payout to shareholders at the previous-quarter’s level.
Saudi Arabian Oil Co., known as Aramco, said Tuesday that net profit came to $32.58 billion in the three months ended in September, down 23% from $42.43 billion a year earlier, when it benefited from soaring energy prices following Russia’s invasion of Ukraine.
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While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.