Saudi Aramco reports 24.7 percent drop in profits for 2023

Saudi Aramco on Sunday reported a 24.7 percent decline in profits in 2023 compared to the previous year, the result of lower oil prices and production cuts. Last year, prices dropped to $85 per barrel, resulting in year-on-year profit drops of 23 percent in the third quarter, 38 percent in the second quarter and 19.25 percent in the first quarter of last year for Aramco.

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