Saudi oil giant’s profits plummeted as prices fell
Saudi Aramco, the World’s Largest Oil Exporter, Reports 4.6% Drop in Q1 Profits Amid Low Oil Prices
Saudi Aramco, the world’s largest oil exporter, announced on Sunday that its profits for the first quarter of the current year fell by 4.6% due to persistently low oil prices driven by concerns over weakening demand and oversupply.
According to a report by Webangah News Agency citing Tasnim news Agency and National News, Aramco disclosed in a statement published on the Tadawul stock exchange that its net profit for the quarter ending March reached 97.5 billion Saudi riyals ($26 billion),down from 102.2 billion riyals during the same period last year.
For Saudi Arabia’s government—Aramco’s largest shareholder—these profits represent a critical revenue source, playing a key role in funding national budgets and supporting economic diversification initiatives.
Meanwhile, Aramco’s revenue during this three-month period saw marginal growth of less than 1%, reaching 405.6 billion riyals. The company attributed this slight increase to “higher sales volumes of gas, refined products, and chemicals, alongside increased crude oil trading volumes.” However, it noted that this growth was partially offset by lower prices for refined products, chemicals, and crude compared to last year’s corresponding period.
The report highlights continued volatility in Brent crude futures markets as worries escalate over the impact of U.S. President Donald Trump’s tariffs and trade wars on global economic growth and energy demand—even as OPEC+ producers ramp up supply.
Amin Nasser, Aramco’s President and CEO stated: “Global trade developments in Q1 2025 impacted energy markets while economic uncertainties weighed on oil prices.” He added: ”Such periods underscore disciplined investment planning while we remain committed to our long-term outlook.”
Aramco’s financial results coincide with OPEC+ announcing increased oil output for June—a move expected to further pressure prices. the group led by Saudi Arabia and Russia will add 411 thousand barrels per day (bpd) next month following an identical production hike above planned levels for May (also 411 thousand bpd).
