“Profits fell on lower revenues “primarily attributable to lower prices and volumes sold of crude oil, as well as lower refined and chemical product prices,” it said.

Expected dividends for 2025 also fell heavily to US$85.4 billion, down from US$124.3 billion announced for last year by the mainly state-owned company.

Aramco is the chief source of revenue for crown prince Mohammed bin Salman’s Vision 2030 reform agenda, which aims to remodel the Gulf kingdom’s crude-reliant economy.

Soaring energy prices following Russia’s invasion of Ukraine allowed Aramco to post record profits in 2022, before they dipped by 25% in 2023 and another 3% in 2024.

In an attempt to prop up prices, Aramco slashed production by 500,000 barrels per day (bpd) in April 2023 as part of a joint move with the Opec+ oil producers’ alliance.

Aramco followed up with a further cut of one million bpd in June 2023, agreeing last December with other Opec+ countries to extend the supply cut until March.