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Image Source : Energyinfra market Screenshot 2024 05 08 180357

Saudi Aramco Q1 Profit Drops 14.5%

Last Update 08 May 2024

Saudi Aramco reported a 14.5% year-on-year decline in first-quarter net profit to $27.27 billion, citing lower crude oil sales volume. The company is currently producing around nine million barrels per day (bpd), below its capacity of 12 million bpd, due to ongoing production cuts initiated in October 2022 as part of an OPEC+ agreement to support oil prices.

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