Saudi Aramco profit drops 22 percent on lower prices

Saudi Aramco’s profit slid 22 percent in the second quarter to 85 billion riyals ($22.67 billion) as a slump in prices hit revenues, the oil giant said on Tuesday.

Aramco, the world’s biggest oil exporter and driver of the Saudi economy, has now seen profits decline for 10 straight quarters since record results in late 2022.

“The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical products prices,” Aramco said in its quarterly report.

The Gulf oil major…