OREANDA-NEWS In the second quarter of 2024, Saudi Aramco's profit fell 3.4 percent. The fact that Russia's main oil competitor began to earn less, with reference to the company's materials, reports Reuters.

The profit of the Saudi Arabian oil giant fell due to a reduction in crude oil volumes and a decrease in refining profitability. Aramco valued it at 109.01 billion riyals ($29.03 billion), exceeding the company's average estimate of 27.7 billion.

At the same time, the company did not change the dividend payment program and transferred $ 31.1 billion to shareholders, of which about a third were linked to the results of its activities. The company introduced these payments in 2023 in addition to the basic ones.

In April, the state-owned energy company raised selling prices for its reference grade of Arab Light oil for buyers from Asian countries. The surcharge amounted to two dollars per barrel to the level of the regional benchmark, 30 cents more than foreign traders had predicted.

According to the head of Saudi Aramco, Amin Nasser, the peak of global oil consumption will not occur either in 2030 or in the coming decades. According to his expectations, the world community will continue to actively consume oil in the foreseeable future. Against this background, the concept of energy transition to alternative fuels is currently untenable, he added.