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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 extended Production Cuts by the 0pec group of big oil producers, who profit more from a higher price. When it comes to saudi aramco, those higher prices mean higher Dividend Payments for shareholders, and its boosted those to nearly 30 billion in the current period ....
Business stories. We start in saudi arabia as the Worlds Biggest OilCompany Aramco is set to announce its latest Half Year Results in the next half an hour or so. Last year, aramco netted record profits of over 160 billion, buoyed by soaring energy prices. But in may this year, they reported that profits dropped by nearly a fifth in the first three months of the year as the gloomy Global Outlook saw oil prices drop. To tackle this, saudi arabia has been cutting production to the tune of1 Million Barrels a day. They started in july and have now extended to september. The oil price has since been creeping up. Live now to our middle east Business ....
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 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 extended Production Cuts by the 0pec group of big oil producers, who profit more from ....
In other products like coal and timber but not all restrictions have been lifted. Some still remain on items like lobster and wine. Earlier, i spoke to clive russell, an economist who explains what has changed. I explains what has changed. 1 think the major change was first a political one, australia had an election last year and the Centre Left Labour government was elected replacing the more right wing liberal National Coalition government which allowed a resumption of relations between beijing and canberra which had been rocky. It was also a Creeping Realisation that there hadnt been any benefit to either party from the trade action that china took, certainly of cost china a lot of money to, to buy. Barley from other places, and coal as well, and it wasnt really a win for them and didnt really hurt austr ....