Lower oil prices push #Saudi oil giant Aramco's first quarter profit down 19% | Reuters

Lower oil prices push Saudi oil giant Aramco's first quarter profit down 19% | Reuters

Saudi oil giant Aramco's (2222.SE) first quarter net profit dropped 19% from a year earlier to 119.54 billion riyals ($31.88 billion), it said on Tuesday, due to lower crude prices.

Profit still beat analysts' median forecast of $30.8 billion, according to Refinitiv data, and Aramco said the decline was partially offset by lower taxes including in the zakat Islamic tax and a rise in finance and other income.

Net profit was 3.75% higher than in the fourth quarter.

The world's top oil exporter made a record profit of over $161 billion for 2022 on higher energy prices and production.

Last month, Saudi Arabia and other OPEC+ producers announced surprise oil production cuts from May, initially driving up prices, but global economic uncertainty and an unclear demand outlook continue to weigh on prices.

Crude petroleum and natural gas contributed 32.7% of Saudi Arabia's gross domestic product last year, with petroleum refining making up another 6%.