Saudi Arabia’s state oil giant Aramco reported first-quarter profits of $26 billion on Sunday, marking a 4.6% decline from the same period last year, as declining global oil prices put pressure on the kingdom’s ambitious development goals.
The Saudi Arabian Oil Co., commonly known as Aramco, generated $108.1 billion in revenue over the quarter, according to a filing on the Tadawul stock exchange in Riyadh. This compares to $107.2 billion in revenue and $27.2 billion in profit during the same quarter of the previous year.
Saudi Arabia has pledged to invest $600 billion in the United States during President Donald Trump’s current term. Trump, who is expected to arrive in Riyadh on Tuesday for his first official international visit since returning to office, has expressed hopes to increase that investment to $1 trillion.
At the same time, Crown Prince Mohammed bin Salman is pushing forward with Vision 2030, including the $500 billion Neom project — a futuristic megacity planned along the Red Sea coast. The kingdom is also preparing to host the FIFA World Cup in 2034, which will require tens of billions in new infrastructure and stadium development.
Aramco’s quarterly results were announced amid increased oil output from the OPEC+ coalition. The group has agreed to raise production by 411,000 barrels per day starting next month. Market uncertainty — fueled in part by new U.S. tariffs — continues to weigh on Middle Eastern economies. As a result, Saudi Arabia may need to draw from its reserves or borrow funds to support the crown prince’s high-cost initiatives.
Aramco’s stock was trading above $6 per share on Sunday, down from a peak of around $8 last year. The decline reflects the broader drop in oil prices in recent months.
“Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices,” said Aramco President and CEO Amin H. Nasser.
Brent crude, the global oil benchmark, closed Friday at just over $63 per barrel — down from highs above $80 over the past year.
With a market valuation exceeding $1.6 trillion, Aramco ranks as the world’s sixth most valuable company, following Microsoft, Apple, NVIDIA, Amazon, and Google’s parent company Alphabet. The firm remains a key barometer for trends in the global oil market.
Only a small portion of Aramco’s shares are publicly traded on the Tadawul, while the majority remains under government ownership. This helps fund national expenditures and contributes significantly to the wealth of the Saudi royal family.
