Lower oil costs push Aramco's Q1 benefit down 19%

Lower oil costs push Aramco's Q1 benefit down 19%

Lower oil costs push Aramco's Q1 benefit down 19%

Aramco posted a first-quarter net benefit of $31.9 billion. It denoted a 19% drop from the earlier year which the Saudi oil monster credited to bring down unrefined costs.

Saudi oil giant Aramco on Tuesday posted a first-quarter net profit of 31.9 billion dollars. It marked a 19% drop from the previous year which the company attributed to lower crude prices.

According to definitive data, the profits still beat analysts' median forecast of just under 31 billion dollars.

The world's top oil exporter said the decline was partially offset by lower taxes including in the country's attack on Islamic tax last year.

Aramco made a record profit of over 160 billion dollars over the first quarter. The oil Titan reached deals to expand its Downstream business abroad. This includes investment in China and the acquisition of Valvoline's oil products business.

Last month Saudi Arabia and other major producers announced surprise oil production cuts from May while this initially drove a spike in prices global economic uncertainty and an unclear demand Outlook continues to cast a shadow crude oil and natural gas contributed to over 32 percent of Saudi Arabia's GDP last year and the production cuts are expected to weigh on GDP the IMF projects.

The Kingdom's growth will more than halve this year compared to 2022.