DHAHRAN: Saudi Aramco’s net profits fell by 12.39% to US$106.25 billion in 2024, due to lower oil prices and production cuts. The decline was attributed to reduced crude oil sales and lower refined and chemical product prices. Expected dividends for 2025 also dropped significantly to US$85.4 billion, down from US$124.3 billion in 2024. Despite record profits in 2022 due to soaring energy prices, profits dipped 25% in 2023 and 3% in 2024. To stabilize prices, Aramco cut production by 1.5 million barrels per day in 2023, in collaboration with Opec+.
