The Saudi Ministry of Energy reported the country would extend a voluntary oil production cut of 1 million barrels per day until the end of 2023. The measure taken by the world’s largest exporter of crude oil leads to higher prices.
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The Saudi oil company had a significant drop in profit in the second quarter of this year due to lower oil prices. Still, gains in the period surpassed USD 30 billion.
The Saudi company saw a lower net profit in the first quarter, but the result is still more than three-quarters of the combined first-quarter profits reported by the five oil majors.
The 46% net income growth in 2022 was due to surging oil prices after Russia invaded Ukraine.
Saudi Arabia earned USD 22.8 billion from international oil sales in December. The commodity accounted for 79% of the country’s exports.
Saudi Arabia’s February crude exports reached 7.3 million barrels per day, the biggest volume since April 2020.
