Saudi Aramco sees profit dip in Q1 2023 as oil price falls

Saudi Arabia

RIYADH, May 10, 2023 – Saudi Aramco has made USD 31.9 billion in net profits in Q1 2023, the Saudi NOC announced on Tuesday.

The earnings represent a 19% drop from USD 39.5 billion in the same quarter in 2022.

However, the company beat out median expectations from analyst forecasts of USD 30.8 billion according to Reuters.

Its Q1 2023 earnings were 3.75% higher than the last quarter in 2022.

Saudi Aramco cited lower taxes and a rise in financing as reasons for the positive outcome.

The world’s top oil exporter said it will focus on downstream investments in global markets.

Saudi Aramco posted record profits of USD 161 billion in 2022 due to heightened energy prices.

The price of Brent crude oil was more than USD 80 per barrel at the beginning of 2022 and rose to more than USD 100 by the end of the year’s first quarter.

However, the price of Brent crude fell to USD 85 per barrel at the beginning of 2023 and was below USD 73 per barrel in March 2023.

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