ERBIL, Kurdistan Region of Iraq - Saudi Arabia’s oil giant Aramco reported Sunday a 4.6 percent decrease in net profits for the first three months of 2025, attributed to lower sales and increased operating costs.

 

The state-owned oil firm stated that profits declined due to "lower revenue and other income related to sales as well as higher operating costs.”

 

Net income for the year’s first quarter reached $26.01 billion, down from $27.27 billion for the same period in 2024.

 

"Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices," said Aramco president Amin Nasser in a separate statement.

 

Oil prices fell from around $75 a barrel to below $60 soon after US President Donald Trump announced global tariffs on trade.

 

Aramco, the world’s top oil exporter, serves as the cash cow for the Saudi kingdom.

 

Oil accounted for 62 percent of the government’s revenues in 2024.

 

The International Monetary Fund has estimated that Riyadh needs oil at over $90 per barrel to avoid budget deficits.

 

In March, Aramco, the key source of revenue for Crown Prince Mohammed bin Salman's Vision 2030 reform agenda, announced it expected to declare total dividends of $85.4 billion in 2025, compared with $124 billion in 2024.