Keystone-SDA
Saudi oil giant Aramco announced on Tuesday a 22% drop in its profit in the second quarter compared to the same period last year, due to low oil prices.
(Keystone-ATS) Aramco, the world’s leading oil exporter and the pillar of the Saudi economy, has dropped to its profits for ten consecutive quarters since its record results at the end of 2022.
The drop in profit, from $ 29.07 billion last year to 22.67 billion (18.22 billion francs) this year, is “mainly by the withdrawal of crude oil prices and refined and chemical products,” the company said in a statement published on the Saudi stock market.
Continuing their strategy to reconquer market share, Ryad, Moscow and six other OPEC+ oil producers have, as planned by the market, once again increased their quotas at a meeting on Sunday, closing a cycle started in April.
The Brittany course, a global reference, is currently evolving around $ 70, far from the summits of $ 120 affected in the spring of 2022 after the Russian invasion of Ukraine but the organization of the oil exporting countries and its allies (OPEC+) now prefers to focus on the reconquest of the field.
The organization of oil exporting countries (OPEC), led by Saudi Arabia, and their allies led by Russia, concluded in 2016 an agreement called OPEC+ to better weigh on the market.
Rebound in demand
“The fundamentals of the market remain solid and we plan that the demand for oil in the second half of 2025 will be more than two million barrels per day to that of the first half,” said Amin Nasser, the managing director of the Saudi oil giant.
The prices of black gold have resisted better than what the observers had planned at the start of the reopening of the valves in April, supported by a traditionally strong summer request and a high geopolitical risk premium, especially since the war between Iran and Israel.
Aramco is the jewel of the Saudi economy and the main source of income of the Vision 2030 reform program of the Crown Prince Mohammed Ben Salmane, who aims to prepare the kingdom for the oil after oil.
The profits of the company allow Saudi Arabia to finance flagship investment and modernization projects of the country, in particular Neom, the futuristic megalopolis under construction in the desert, a vast airport in Ryad, as well as major development projects in the tourism and leisure sector.
The benefit in the first quarter of this year had dropped by 4.6%.