{"id":87681,"date":"2023-08-07T11:20:22","date_gmt":"2023-08-07T08:20:22","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=87681"},"modified":"2023-08-07T10:45:57","modified_gmt":"2023-08-07T07:45:57","slug":"saudi-aramco-q2-profits-drop-38-on-lower-prices-statement","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2023\/08\/saudi-aramco-q2-profits-drop-38-on-lower-prices-statement\/","title":{"rendered":"Saudi Aramco Q2 profits drop 38% on lower prices: statement"},"content":{"rendered":"<div class=\"txt-textContent tinyscrollbar-y jq_ScrollBar initialized scrollbar-visible\">\n<div class=\"viewport jq_AutoHeight\">\n<div class=\"overview\">\n<div class=\"text fontsize_0 jq_Content jq_langdir\">\n<p><strong>RIYADH, Saudi Arabia, Aug 7 &#8211; Oil firm Saudi Aramco on Monday announced profits of $30.08 billion for the second quarter, a sharp fall from the same period last year when prices surged after Russia invaded Ukraine.\u00a0<\/strong><\/p>\n<p>The 38 percent year-on-year decline &#8220;mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins,&#8221; the largely state-owned company said in a statement published on the Saudi stock exchange.<\/p>\n<p>The decline followed a drop of 19.25 percent in the first quarter.<\/p>\n<p>&#8220;Our strong results reflect our resilience and ability to adapt through market cycles,&#8221; CEO Amin Nasser said.<\/p>\n<p>&#8220;We continue to demonstrate our long-standing ability to meet the needs of customers around the world with high levels of reliability. For our shareholders, we intend to start distributing our first performance-linked dividend in the third quarter.&#8221;<\/p>\n<p>Production from the world&#8217;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.<\/p>\n<p>In June, the Saudi energy ministry announced a further voluntary cut of one million bpd which took effect in July and has been extended through September.<\/p>\n<p>The kingdom&#8217;s daily production is now approximately nine million bpd, far below its reported daily capacity of 12 million bpd.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>RIYADH, Saudi Arabia, Aug 7 &#8211; Oil firm Saudi Aramco on Monday announced profits of $30.08 billion for the second quarter, a sharp fall from the same period last year when prices surged after Russia invaded Ukraine.\u00a0 The 38 percent year-on-year decline &#8220;mainly reflected the impact of lower crude oil prices and weakening refining and [&hellip;]<\/p>\n","protected":false},"author":12327,"featured_media":87682,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[808,3],"tags":[13029,13030,12604,12635,11704],"coauthors":[695],"class_list":["post-87681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","category-world","tag-drop-38","tag-lower-prices","tag-q2-profits","tag-saudi-aramco","tag-statement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v27.5) - 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