Saudi Arabia’s Aramco reports lower half-year profits as economic worries dampen energy prices

Associated Press

DUBAI, United Arab Emirates (AP) — Saudi oil giant Aramco has reported half-year profits of $56.3 billion, down from the year before due to weakening volumes sold amid worries about the global economy. Aramco, formally known as the Saudi Arabian Oil Co., said Tuesday its overall revenue for the half-year was $220.7 billion. That’s up from $218.6 billion the year before. Profits in 2023 were $61.9 billion, nearly $5 billion higher. Benchmark Brent crude traded around $77 a barrel on Tuesday after Japan’s Nikkei stock market plunged 12.4% Monday in its worst single-day decline since 1987.