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Oil giant Saudi Aramco’s 1st quarter profit down 20% to $31B

May 9, 2023

Via: ABC News

Oil giant Saudi Aramco reported a first-quarter profit on Tuesday of $31.88 billion, down nearly 20% from the same period last year as energy prices have sunk over global recession concerns.

The firm known formally as the Saudi Arabian Oil Co. blamed the drop — compared to $39.47 billion in the same quarter last year — on the lower crude oil prices. Aramco made a $30.73 billion profit in the fourth quarter of last year.

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