Saudi Arabia's state-owned oil company, Aramco, announced on Sunday a 24.7% decline in its profits for 2023, attributing the contraction to falling crude oil prices and production cuts.
Aramco's headquarters in Riyadh in the King Abdullah Financial District © Mena Today
Saudi Arabia's state-owned oil company, Aramco, announced on Sunday a 24.7% decline in its profits for 2023, attributing the contraction to falling crude oil prices and production cuts.
Aramco, a flagship of the Saudi economy, stated in a press release that its profits reached 454.7 billion Saudi riyals (approximately $121.25 billion) in 2023, compared to a record of 604.01 billion riyals (approximately $161.07 billion) the previous year.
"The decrease primarily reflects the impact of declining crude oil prices and weakening margins for refining and chemicals," Aramco stated in the release.
Like other giants in the sector, Aramco had achieved record profits last year as oil prices soared to $130 per barrel due to Russia's invasion of Ukraine in February 2022 and the post-Covid economic recovery. However, oil prices fell to $85 per barrel last year, weighed down by the risk of global recession, which affects demand outlooks.
Nevertheless, Aramco recorded its "second-highest historical profits" in 2023, noted Aramco's CEO, Amin Nasser, announcing a 30% increase in dividends to shareholders compared to the previous year.
In a deal that could redraw regional trade routes and unlock the full potential of Jordan's vast mineral wealth, Amman and Abu Dhabi have signed a landmark $2.3 billion railway agreement, one of the most significant infrastructure partnerships the Middle East has seen in years.
On April 15, 2026, the war in Sudan entered its fourth year, a grim milestone that passed largely unnoticed, overshadowed by conflicts elsewhere. Yet the United Nations has called it unequivocally the world's worst humanitarian crisis.
LVMH's most prized division, fashion and leather goods, home to Louis Vuitton and Dior, has reported a 2% decline in organic revenue in Q1, undershooting even the modest contraction analysts had anticipated, according to Gate Advisory, a firm specializing in Financial Intelligence.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.