DUBAI, United Arab Emirates — Saudi oil giant Aramco reported half-year revenues Tuesday of $56.3 billion, down from the year before amidst concerns about a slowing international economy.
Aramco, officially understood as the Saudi Arabian Oil Co., stated its total income for the half-year was $220.7 billion, up from $218.6 billion the year inthepast. Profits in 2023 were $61.9 billion, almost $5 billion greater.
Despite the chaos in the worldwide economy, Aramco stays bullish on the future with a forecasted boost in need from the airtravel market and from China.
“Growth in international oil need is strong, reaching a record 103.2 million barrels a day in the veryfirst half of 2024, regardlessof some headwinds,” Aramco CEO and President Amin H. Nasser informed experts on a conference call. “We anticipate evenmore need development in the 2nd half of the year.”
Aramco will pay dividends of $20.3 billion for the 2nd quarter and a performance-linked dividend of $10.8 billion, the business stated. It hopes its total dividend for the year will be over $124 billion.
While a sliver of Aramco trades on the Tadawul, the huge bulk of the company is held by Saudi Arabia’s federalgovernment, fueling its expense and offering wealth to its Al Saud royal household.
Saudi Arabia, a leader in the OPEC cartel, has allied with Russia and others outdoors of the group to shot to keep production down to increase worldwide oil rates. Benchmark Brent crude traded around $77 a barrel on Tuesday after Japan’s Nikkei stock market plunged 12.4% Monday in its worst single-day decrease because1987
It significant the mostcurrent in a international sell-off that started the previous week. A report Friday revealed U.S. companies slowed their employing in July by much more than economicexperts anticipated. That was the mostcurrent piece of information on the United States economy to come in weaker than anticipated. It’s all raised worry the Federal Reserve hasactually pushed the brakes on the U.S. economy by too much for too long through high interest rates in ho