Aramco reported record profits in 2022 after Russia's invasion of Ukraine sent oil prices soaring
RIYADH – Energy giant Saudi Aramco reported a 15 percent year-on-year drop in third quarter profit on Tuesday, citing low oil prices .
Aramco is the jewel of the Saudi economy and the main source of revenue for Crown Prince Mohammed bin Salman's Vision 2030 reform agenda, which aims to set the Gulf kingdom up for a prosperous post-oil future. Armed conflict in the Middle East, including direct strikes between Iran and Israel, has fuelled some market volatility but has not driven up oil prices.That is well below the $96.2 mark the International Monetary Fund said in April would be Saudi Arabia's fiscal break-even oil price at current production levels.
On Sunday Saudi Arabia and seven other members of the OPEC+ group of oil-producing nations said they were extending a 2.2 million-barrel reduction announced in November 2023 by another month, until the end of December. Its statement on Tuesday said the company would maintain its $20.3 billion base dividend for the third quarter and pay out a $10.8 billion performance-linked dividend for the fourth quarter.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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