Saudi Aramco’s net income fell by 22% year-on-year to $22.67bn in Q2 as average realized prices for its crude oil production fell below $70/B for the first time since 2021. The slump in oil prices following US President Donald Trump’s ‘Liberation Day’ tariff announcements in April has unsurprisingly had a significant impact on Aramco’s bottom line, although the subsequent price recovery coupled with production increases (MEES, 8 August) point to a possible improved performance in Q3.

Saudi Arabia’s Opec+ quota is increasing by 1mn b/d between March and September, and Mr Nasser told the firm’s Q2 earnings call on 5 August that “if you want to use a rule of thumb, each 0.1mn b/d increase in production is expected to generate additional annual cash flow of about $1.1bn at $70 Brent.” (CONTINUED - 830 WORDS)

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