Aramco posts 19% drop in Q1 profit

Saudi Arabia oil gaint Aramco posted on Tuesday its first quarter’s earnings, reporting net income of $31.9 billion with 19 percent drop, compared to $39.5 billion the previous year amid falling oil prices.

Reuters analysts anticipated the state-owned oil giant would earn a net income of $30.5 billion, which Aramco exceeded. Earned profits increased 3.75 percent from the previous quarter.

Amin Nasser, Aramco CEO highlighted the importance of its investment in petrochemicals sector to “meet anticipated demand for petrochemical products.” Nasser also added that the company’s “long-term outlook remains unchanged.”

Oil prices have been recently witnessing a drop caused by increased pressure on economies which affected demand negatively.