OPEC+ Agrees Big Output Hike to Finish Unwinding Round of Cuts
Saudi Arabia and its partners agreed on a video conference to add about 548,000 barrels a day next month, delegates said. This completes the reversal of a 2.2 million-barrel cutback made by eight members in 2023, and also includes an extra allowance being phased by the United Arab Emirates.
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5 minutes ago
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AMD Aims To Dethrone Nvidia In AI Race—Here's How
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Forbes
7 minutes ago
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Dubai's Luxury Hotel Openings: Rosewood Joins The Race
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Saudi Aramco Profit Dips For 10th Quarter In A Row
Energy giant Saudi Aramco (TADAWUL: 2222) posted its tenth successive decline quarterly profits on Tuesday, following reduced takings in the face of lower oil prices. In an announcement to the Saudi Stock Exchange Tadawul, Aramco declared an adjusted net income of 92.04 billion Saudi riyal (or $24.5 billion) over the three months to the end of June, down from $26 billion in the previous quarter. Second quarter revenues dropped to $101 billion Saudi riyal, from $116 billion Saudi riyal in the same period of the previous year. The latest drop in quarterly profits extended a run of drops dating back to the first quarter of 2023. 'The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical products prices,' Aramco noted in its quarterly report. The slump has not gone unnoticed by the market. Following the publication of its results Aramco shares ended trading at 24.02 riyals ($6.4) per share on the Tadawul on Tuesday, nearly 12% below the 27.35 riyals price of its secondary share offering in 2024. The majority government-owned company's market valuation has also suffered a steady decline from a peak of $2.4 trillion in 2022, at the height of the energy price spike in the wake of the Russia-Ukraine war, to around $1.6 trillion, thereby shedding a third of its market value to date. Aramco listed on the Saudi exchange in 2019 in an eye-catching move selling 1.7% of its shares at $29.4 billion, earning the floatation a tag of the world's biggest initial public offering. In June last year, a secondary offering of 0.64% of its issued shares raised a further $11.2 billion. The company has also transferred a 16% stake to the Saudi Public Investment Fund, the primary wealth vehicle spearheading much of Crown Prince Mohammed bin Salman Al Saud's signature Vision 2030 program. Reasons To Be Upbeat However, Aramco president and CEO Amin Nasser remained upbeat and predicted higher demand for the rest of the trading year. 'Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half,' he said in a statement accompanying the report. "Our long-term strategy is consistent with our belief that hydrocarbons will continue to play a vital role in global energy and chemicals markets, and we are ready to play our part in meeting customer demand over the short and the long-term. 'We continue to invest in various initiatives, such as new energies and digital innovation with a focus on AI – aiming to leverage our scale, low cost, and technological advancements for long-term success.' Dividend, Cost Savings And Natural Gas Aramco declared a base dividend of $21.1 billion along with a performance-linked dividend of $0.2 billion in the third quarter.2 In a later call with analysts, the company's chief financial officer Ziad Al-Murshed emphasized efforts to lower costs across the board. 'Across our upstream and across our downstream, we're going through transformations that are not only focused on cost cutting, but cost cutting is the major component of it,' Al-Murshed said. 'So every asset that we have across our upstream portfolio and every asset that we have across our downstream portfolio has been undergoing for the past couple of years, these transformational initiatives, and a lot of it is focused on cutting costs.' The company is also seriously turning its focus to natural gas, with a target for a more than 60% increase by 2030 compared to baseline 2021 levels. The development of Saudi Aramco's flagship Jafurah gas field on its home patch is expected to be a major part of that.
