Oil giant Saudi Aramco reported a roughly 12% decline in net income for 2024 on Tuesday compared to the previous year, attributed to lower crude oil prices and volumes.
The world's biggest crude exporter, Aramco, saw its net profit decrease to $106.2 billion last year, according to the company's statement.
Aramco had reported a net income of $121.3 billion in 2023, down from its 2022 record, due to lower energy prices as well.
'Global oil demand reached new highs in 2024, and we expect further growth in 2025,' said Amin H. Nasser, Aramco's president and CEO.
'With dependable and more sustainable energy key to global economic growth, we continue to make progress on projects to maintain our maximum sustainable crude oil capacity, expand our gas capabilities, achieve further integration of our upstream and downstream businesses to capture additional value, and help mitigate greenhouse gas emissions,' he added.
A filing on the Saudi Stock Exchange (Tadawul) revealed that the oil company generated revenues of $436.6 billion last year, compared to approximately $440.9 billion in 2023.
'The decrease was primarily attributable to lower prices and volumes sold of crude oil, as well as lower refined and chemical product prices,' Aramco said in its filing.
The average price of international benchmark Brent crude was $79.86 per barrel last year, compared to $82.17 per barrel the previous year.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr