Oil Diversification Program News Today

Between april and june, the company made a Profit Ofjust over 30 billion, a lot of money by anyones metric, but significantly down from more than the 48 billion it made in the same period a year ago. The main reason is, as you can see here, that oil prices during the period were at the lowest point in the last year, as the boost they got from russias invasion of ukraine wore off. And last week, in an effort to keep them that way, saudi arabia said it would only produce nine Million Barrels a day...

That company is the saudio oil giant saudi aramco, and its feeling the effects of lower oil prices, lower than expected demand from china, and thinner Profit Margins for refining oil. Between april and june, the company made a Profit Ofjust over 30 billion, lot of money by anyone� s metric, but significantly down from more than the 48 billion it made in the same period a year ago. The main reason is, as you can see here, that oil prices during the period were at the lowest point in the last ye...

Business correspondent sameer hashmi that even with falling profits, the biggest winner is the saudi government, which is aramcos biggest shareholder. the saudi government owns around 90% of the company and the dividend payout, the bulk of it will go to the saudi government. and its not a surprise because if you look at aramco every quarter, theyve been paying about $19.8 billion as dividend. what theyve done is this time that they have added another 50% to that amount in the form of this perfor...