Oil giant Saudi Aramco announced its 10th straight drop in quarterly profits on Tuesday as a slump in prices hit revenues, putting more pressure on the key driver of the Saudi economy.

Second-quarter profits slid 22 percent year-on-year to 85 billion riyals ($22.67 billion), extending a decline that stretches back to late 2022.

"The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical products prices," Aramco said in its quarterly report.

Aramco's falling revenues come as Saudi Arabia pursues a costly revamp aimed at reducing its reliance on oil and pivoting towards tourism and business.

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