Saudi Aramco's Profit Drops, Hit by Lower Oil Prices, Output - The Wall Street Journal
Saudi Aramco’s Profit Drops, Hit by Lower Oil Prices, Output - WSJ
Updated Aug. 7, 2023 6:04 pm ET
Saudi Arabia’s national oil company posted a 38% drop in quarterly profit due to lower energy prices and production cuts, but boosted its dividend by more than half—highlighting the kingdom’s dependence on oil revenues.
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Related Knowledge Center: ENERGY BASICS: petroleum
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.