Saudi state oil producer Aramco reported a decline in net profit to $106.2 billion in 2024, down from $121.3 billion in 2023. The company announced its base dividend for the fourth quarter of 2024 would be $21.1 billion, with a performance-linked payout of just $0.2 billion, compared to a third-quarter base dividend of $20.3 billion and a performance-linked dividend of $10.8 billion. Lower oil prices impacted the company’s net profit last year as global crude production increased and demand slowed. According to the U.S. Energy Information Administration, the price of global benchmark Brent crude futures averaged $80 per barrel in 2024, $2 less than the 2023 average. Aramco’s revenue fell to $436.6 billion in 2024, compared to $440.8 billion the previous year. — news from CNBC
