The firm known formally as the Saudi Arabian Oil Co. blamed the drop -- compared to $39.47 billion in the same quarter last year -- on the lower crude oil prices. Aramco made a $30.73 billion profit in the fourth quarter of last year."We continue to deliver high reliability and low cost of production financially," Aramco President and CEO Amin H. Nasser said on a conference call with analysts.
While saying Aramco was "working to further reduce the carbon footprint of our operations," Nasser remained bullish on the world's need for fossil fuels, citing future estimated demand from China and India. Those earnings came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022, with sanctions limiting the sale of Moscow's oil and natural gas in Western markets.
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