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Saudi Aramco profits fall by almost a fifth

First-quarter earnings at oil group Saudi Aramco dropped by virtually a fifth after oil costs slumped, in response to a submitting on Tuesday.

The corporate reported $31.9bn in internet revenue for the interval, 19 per cent decrease than the identical interval final yr, though it stated it might pay a $19.5bn dividend within the subsequent quarter.

Aramco made report earnings of $161bn in 2022 and elevated its quarterly payout to shareholders to virtually $20bn as oil costs soared after Russia’s full invasion of Ukraine.

The corporate stated it remained effectively positioned regardless of the decline in costs.

“International crude oil costs declined within the first quarter of 2023 primarily pushed by macroeconomic occasions contributing to market volatility. Aramco believes it’s effectively positioned to resist fluctuating commodity costs by means of its low-cost upstream manufacturing and strategically built-in downstream operations,” it stated in an announcement.