Aramco Reports .3 Billion Profits Amid Global Economic Concerns

Storage tanks are seen at the North Jeddah bulk plant, an Aramco oil facility, in Jeddah, Saudi Arabia, on March 21, 2021. (AP Photo/Amr Nabil, File)

Saudi oil giant Aramco reported a half-year profit of $56.3 billion, a decrease from the previous year, attributed to concerns about a slowing global economy. Despite this, the company's overall revenue for the half-year increased to $220.7 billion from $218.6 billion the year before. In 2023, profits were $61.9 billion, showing a nearly $5 billion rise.

Aramco remains optimistic about the future, anticipating increased demand from the aviation industry and China. The company's CEO highlighted the strong growth in global oil demand, reaching a record 103.2 million barrels a day in the first half of 2024.