Oil giant Saudi Aramco said Tuesday its first-quarter net profit dipped 14.5 percent on year to $27.27 billion as the Gulf kingdom kept production cuts in place. Net income was 102.27 billion riyals ($27.27 billion), down from 119.54 billion riyals ($31.88 billion) for the same period in 2023, Aramco said, adding that “the decrease was primarily a result of lower crude oil volume sold”. The world’s biggest crude exporter, whose profits dropped by a quarter last year, is currently producing roughly nine million barrels per day (bpd), well below its capacity of 12 million bpd. That follows a series of production cuts ... (full story)