DUBAI, United Arab Emirates (AP) — Saudi oil giant Aramco reported half-year profits Tuesday of $56.3 billion, down from the year before due to weakening...
DUBAI , United Arab Emirates — Saudi oil giant Aramco reported half-year profits Tuesday of $56.3 billion, down from the year before due to weakening volumes sold amid worries about the global economy .
“The decrease was primarily a result of lower crude oil volumes sold, weakening refining margins and lower finance and other income,” Aramco said in a filing on Riyadh's Tadawul stock exchange. “This was partially offset by higher crude oil prices and lower production royalties compared to the same period last year and lower income taxes and zakat,” or Islamic charitable contributions.
Saudi Arabia’s vast oil resources, located close to the surface of its desert expanse, make it one of the world’s least expensive places to produce crude. Crown Prince Mohammed bin Salmanto pivot the kingdom off oil sales, through projects such as his planned $500 billion futuristic desert city, called Neom. But lower oil prices have Saudi Arabia reportedly looking at curtailing some of those ambitions.
Saudi Arabia Global Economy Saudi Arabian Oil Co. Aramco DUBAI United Arab Emirates
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