Saudi Aramco recorded its first annual profit drop since 2020

Saudi Aramco announced a 19% drop in quarterly profits compared to the same period in 2022, largely thanks to lower global oil prices. It's the first year-over-year dip for the company since 2020. Despite that decline, Aramco—primarily owned by the Saudi government—is still among the world's most profitable oil producers. Its first-quarter profit of $31.9 billion (down from $39.5 billion a year earlier) is nearly three times larger than the $11.4 billion earned by ExxonMobil Corp., the biggest US oil company. Advertisement Aramco also beat expectations for a $30.5 billion profit, forecast by analysts polled by Reuters, which is good…