Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Russian Ministry of Defense: 37 Ukrainian drones destroyed in 4 hours over regions of Russia and the Black Sea.
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.

Saudi Aramco profits dip 30% in first half of year

  • By Al Mayadeen English
  • Source: Agencies
  • 7 Aug 2023 14:53
  • 1 Shares
3 Min Read

Saudi oil conglomerate Aramco says its profits were down by nearly 30% in the first half of 2023.

  • x
  • Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021 (AP)
    Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021 (AP)

Saudi Arabia's state-owned oil and gas giant, Aramco, has reported a substantial drop in its net income for the first half of 2023. According to the company's financial report released on Monday, Aramco witnessed a nearly 30% decrease in its net income, amounting to $61.961 billion, as compared to the same period in the previous year.

The decline in profits has been primarily attributed to several factors, with lower crude oil prices and weakening refining and chemicals margins topping the list. The company's report stated that these challenges impacted the bottom line, exerting considerable pressure on the revenue stream.

"The decrease was primarily a result of lower crude oil prices and weakening refining and chemicals margins. This was partially offset by a decrease in production royalties, largely due to lower average effective royalty rate and lower crude oil prices, and higher finance and other income," the report read. 

The lower crude oil prices come despite Saudi Arabia decreasing its output numerous times. In fact, the whole of the OPEC+ oil cartel cut their oil outputs by millions of barrels per day in response to US pressure to increase the output in light of an ongoing energy crisis exacerbated by the sanctions on Russia.

Saudi Arabia declared Thursday an extension of its voluntary oil production cut of one million barrels per day for an additional month, continuing its efforts to support and stabilize prices.

"Saudi Arabia will extend the voluntary cut of one million barrels per day... for another month to include the month of September," the Energy Ministry said in a statement.

Related News

Syria welcomes US decision to lift sanctions, hosts US delegation

Trump claims Gaza war to end in weeks, despite ongoing Israeli assault

It added that the cut, initially implemented in July, could be extended or increased even further, leaving Saudi's daily production at approximately nine million bpd. 

The cut was announced after a June meeting of the 23-nation OPEC+ alliance, including Russia, with Saudi Energy Minister Prince Abdulaziz bin Salman mentioning its potential for extension.

Members of the energy group agreed in June to cut oil outputs to 40.463 million barrels per day throughout 2024.

This decision followed a move in April when several OPEC+ members voluntarily reduced production by over one million bpd, briefly bolstering prices but not resulting in a lasting recovery.

Washington has been planning on replenishing the US Strategic Petroleum Reserve SPR while aiming at lower oil prices during this year if it is "advantageous to taxpayers," US Energy Secretary Jennifer Granholm stated back in April.

Biden's administration planned on refilling the reserves when oil prices were between $67-$72 a barrel, which was reached back in March, but as soon as the mark hit the desired price, OPEC+ announced a surprise further production cut, sending prices $5 higher per barrel.

Read more: US imposed sanctions on Venezuela to seize oil for free: Venezuelan VP

  • United States
  • OPEC
  • OPEC+
  • Aramco
  • Saudi Arabia

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025
Launch of a ballistic missile from Yemen toward the occupied Palestinian territories. (YAF military media)

Yemeni Forces announce firing hypersonic missile at Al-Lydd Airport

  • Politics
  • 22 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS