Oil giant Saudi Aramco reported a 3.4% fall in second
quarter profit. On Tuesday, results were weighed by
lower crude volumes and softer refining margins. The net
income for Q two was just over$29 billion.
Aramco said which did beat analysts expectations despite this dip
, it's kept its generous dividend policy unchanged with$31
billion declared in payouts for the second quarter. A
third of which was performance linked payouts. Aramco said
on Tuesday, it expects just over$124 billion in
total dividends this year. Roughly in line with previous
guidance, the Saudi government holds nearly 81.5% of Aramco
and relies heavily on the company's payouts. The kingdom
has made cuts to its oil production working at three
quarters of its capacity as have fellow members and allies
of oil production group OPEC. They've made these cuts
to bolster the market amid uncertainty over global demand and
rising supply outside the group. But lower output and
prices have pressured Saudi state finances and to meet financial
needs. The government sold a fresh chunk of Aramco
earlier this year but it may not be entirely gloomy
for the world's most profitable oil company on Tuesday,
Ceo Amin Nasser said he expected oil demand growth of
between 1.6 and 2 million barrels per day in the
second half of the year.