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AP National

Oil giant Saudi Aramco’s 1st quarter profit down 20% to $31B

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Published 11:26 PM

By JON GAMBRELL
Associated Press

DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco has reported a first-quarter profit of $31.88 billion, down nearly 20% from the same period last year as energy prices have sunk over global recession concerns. The firm known formally as the Saudi Arabian Oil Co. earned a $39.47 billion profit in the same quarter last year. It blamed the drop on lower crude oil prices. Aramco made a $30.73 billion profit in the fourth quarter of last year. Aramco said it “believes it is well positioned to withstand fluctuating commodity prices.” Benchmark Brent crude traded early on Tuesday around $76 a barrel, down from a high of $125 in the last year.

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