Saudi Aramco Reports $121 Billion Profit In 2023

Saudi Arabia's state-owned oil giant, Aramco, has announced that it made a profit of $121 billion in 2023, down from its record-breaking profit of $161 billion in 2022, as reported by Jon Gambrell for the Associated Press (AP).

Aramco produces 12.8 million barrels of oil per day. I Photo: Aramco Facebook

The decrease in profit was attributed to lower energy prices and reduced volumes sold, as well as weakening refining and chemicals margins, according to Aramco's filing.

Despite the challenges, the company reported an overall revenue of $440 billion for the year, compared to $535 billion in 2022. Aramco CEO Amin H. Nasser emphasized the company's resilience and agility in maintaining healthy cash flows and profitability amidst economic headwinds.

Aramco, which produces 12.8 million barrels of oil per day, has been directed by the Saudi government to maintain its production levels, despite previous plans to increase output.

Saudi Arabia, along with other OPEC members and allies like Russia, has sought to limit production to support global oil prices, with Brent crude trading under $82 a barrel on the day of the announcement.

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