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International Business Times
International Business Times
Business
Robbie COREY-BOULET and Haitham EL-TABEI

Saudi Aramco Q2 Profit Dips 3% As Output Stays Low

Aramco is the jewel of the Saudi economy and the main source of revenue for Crown Prince Mohammed bin Salman's Vision 2030 reform agenda. (Credit: AFP)

Saudi oil giant Aramco on Tuesday reported net income of $29.07 billion in the second quarter, a slight drop from the same period last year as output remained subdued.

The decrease of 3.4 percent "mainly reflects the impact of lower crude oil volumes sold and weakening refining margins", the company said in a statement posted to the Saudi stock exchange.

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