Saudi oil giant Saudi Aramco reported a decline in first-quarter profits as lower crude prices continued to weigh on the energy market. The company announced on May 10 that net profits fell compared with the same period last year, reflecting weaker global oil revenues despite steady production levels.
The state-owned company said it earned $26 billion in the first quarter of 2026, down from around $27.3 billion during the same period in 2025. Saudi Aramco attributed the decline largely to softer oil prices and market conditions affecting the global energy sector.
The results come as Saudi Arabia continues balancing oil production policies with broader economic diversification plans under its Vision 2030 programme. Analysts say fluctuations in crude prices remain a major factor influencing government revenues and spending priorities in the kingdom.
Despite the drop in profits, Aramco remains one of the world’s most profitable companies and a key pillar of the Saudi economy, with global energy demand and OPEC+ production decisions continuing to shape its outlook.
