Aramco reported a slump in net income last quarter, amid weaker oil prices and flagging production.
Its net income was US$26.0 billion, down from $27.3 billion year-on-year. This was above analyst projections of $25.3 billion, however.
“Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices. In this context, Aramco’s robust financial performance once again demonstrated the Company’s unique scale, reliability and flexibility, the value of its low-cost operations, and its emphasis on efficiency and advanced technology,” said CEO Amin Nasser.
“Our ambition is reflected in milestones already announced in 2025, including progress towards our gas production growth target, our global retail expansion, the advancement of our petrochemicals strategy, headway in blue hydrogen business development, and further innovation in carbon capture.”
Free cash flow also declined to US$71.85 billion, compared with $85.35 billion in 2024’s first quarter.
The average realised crude oil price was US$76.3 per barrel, below $83.0 one year ago, though above $73.1 seen in Q4 2024.
OPEC+ agreed to surge oil production earlier this month, as oil prices declined to four-year lows. Brent crude and West Texas Intermediate futures fell by 8.3% and 7.5% in the week before the decision.
Under OPEC+ targets for June, group members are expected to produce 411,000 additional barrels per day, reversing output cuts from earlier in 2025.
Goldman Sachs analysts also said last month that Saudi Arabia's deficit could more than double if oil prices remained at US$62 per barrel.
Brent crude futures are priced at US$64.23 per barrel at writing, with West Texas Intermediate at $61.38 per barrel.
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