The net income of Saudi Arabia’s state-backed oil company Aramco declined by around 29.5% during the first half of 2023, mainly driven by lower realized crude oil prices, according to the company’s financial results on Monday.
Aramco said it gained $61.9 billion in the January–June period of this year, compared to $87.9 billion in the same period last year.
The world’s largest oil company attributed the negative results to lower market prices and volumes sold, as well as lower throughput of refined and chemical products. It further explained that ongoing economic uncertainty resulted in lower hydrocarbon prices and continued pressure on refining and chemical margins.
The price of international benchmark Brent crude declined almost 13% in the first six months of the year, with the highest rate standing at $89.09 a barrel and the lowest at $70.06 a barrel.
‘At Aramco, our mid- to long-term view remains unchanged. With a recovery anticipated in the broader global economy, along with increased activity in the aviation sector, ongoing investments in energy projects will be necessary to safeguard energy security,’ Aramco’s CEO Amin Nasser was quoted as saying in the statement.
