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HomeFinanceOil giant Saudi Aramco posts 19% drop in first-quarter profit

Oil giant Saudi Aramco posts 19% drop in first-quarter profit

An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia, on Wednesday, Oct. 3, 2018.

Simon Dawson | Bloomberg | Getty Images

DUBAI, United Arab Emirates — Saudi state oil giant Aramco reported a 19% drop in its first-quarter earnings on Tuesday, recording net income of $31.9 billion down from $39.5 billion the previous year amid falling oil prices.

Analysts expected to see a dip in net profit this quarter compared to the previous year, as inflation and rising interest rates pressure global demand and stoke fears of a recession. Still, Aramco’s net income beat expectations of $30.5 billion, which was forecast by Reuters analysts.

Aramco, which is the world’s largest oil exporter, posted a record net income of $161.1 billion for 2022 in March, up by 46.5% over the year.

This is breaking news. Please check back for updates.

This story originally appeared on CNBC

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