Saudi state-run oil giant Aramco said Monday that it made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year that it attributed to lower oil prices.
Total sales stood at just over 400 billion riyals (about $106 billion), down from 562 billion riyals ($150 billion in the second quarter of 2022. In an earnings report filed with the Saudi stock exchange, Aramco said the decrease mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins.
