Tuesday, May 9, 2023

Aramco’s Profit Slides as Oil Boom Cools:


  • Saudi state oil giant Aramco on Tuesday reported a 19% drop in its first-quarter earnings, recording net income of $31.9B down from $39.5B the previous year amid falling oil prices.

  • Oil prices are at lower levels in recent months amid fears that a slowing global economy would crimp demand and due to a gusher of cheaper Russian crude supplies.

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