Oil giant Saudi Aramco posted a drop in annual profits on Tuesday as lower prices and volumes hit the lynchpin of the kingdom's ambitious economic reform plans.

The world's biggest crude exporter said profits were down more than 12 percent to $106.25 billion in 2024, the second annual drop following a surge in oil prices in 2022.

Expected dividends for 2025 also fell heavily to $85.4 billion, down from $124.3 billion announced for last year by the mainly state-owned company.

Aramco is the chief source of revenue for Crown Prince Mohammed bin Salman's Vision 2030 reform agenda, which aims to remodel the Gulf kingdom's crude-reliant economy.

Revenues were slightly down "primarily attributable to lower prices and volumes sold of crude oil, as well as lower refined and........

© Al Monitor