Saudi Aramco Slashes Dividend as Profit Dips on Lower Oil Prices

Saudi oil giant Aramco on Tuesday reported a drop in 2024 profits and guided for a 30% lower total dividend for this year, which would further strain the finances of the Kingdom of Saudi Arabia. Aramco, the world’s single biggest crude producer and exporter, booked a net profit of $106.2 billion for 2024, down from $121.3 billion for 2023 as average oil prices fell last year compared to 2023 levels and as Saudi Arabia continues to curb production as part of the OPEC+ agreement. For the fourth quarter, Aramco’s board declared a base…