Saudi Arabia’s state-owned oil giant Aramco has reported a $106.25 billion profit in 2024, down 12% from the prior year on lower energy prices

Saudi state oil producer Aramco reported a decline in net profit in 2024 and warned of a dividend cut. Lower oil prices hit the company's net profit last year as crude production around the world increased and demand slowed.

Oil giant Saudi Aramco posted a drop in annual profits on Tuesday as lower prices and volumes hit the lynchpin of the kingdom's ambitious economic reform plans.The world's biggest crude exporter said profits were down more than 12 percent to $106.