Saudi Aramco profit drops for 10th straight quarter

Oil giant Saudi Aramco reported its 10th consecutive quarterly profit drop, with second-quarter profits down 22% year-on-year to 85 billion riyals ($22.67 billion), due to lower crude and refined product prices. As Saudi Arabia aims to reduce oil dependence through its Vision 2030 project, analysts predict continued downward pressure on oil market forces, despite Aramco’s CEO’s optimism for increased demand later this year.

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