Saudi Aramco Q2 profits drop 38% on lower prices FMTNews FMTBusiness
Saudi Arabia’s current daily production stands at nine million barrels per day , far below its daily capacity of 12 million bpd.
The 38% year-on-year decline “mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins”, the largely state-owned company said in a statement published on the Saudi stock exchange.“Our strong results reflect our resilience and ability to adapt through market cycles,” CEO Amin Nasser said.
Production from the world’s biggest crude exporter was down after Riyadh in April announced cuts of 500,000 barrels per day, part of a coordinated move with other oil powers to slash supply by more than one million bpd in a bid to prop up prices.
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