Saudi Arabian state oil giant Aramco reported on Monday a near 38% drop in second-quarter net profit on the back of weaker oil prices and thinner refining and chemicals margins.
reported on Monday a near 38% drop in second-quarter net profit on the back of weaker oil prices and thinner refining and chemicals margins.
The group declared a base dividend of just over $19.51 billion for the second quarter, roughly in line with its payout for the first quarter. Most oil majors reported strong or record-breaking earnings in the second quarter of 2022 after Western sanctions against major exporter Russia squeezed an already undersupplied global market, causing a surge in crude and natural gas prices.
Oil futures are now at their highest since mid-April after Saudi Arabia and Russia pledged to keep supplies down for another month to tighten global markets further. Brent was trading around $86 a barrel on Monday.
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