Saudi Aramco remains committed to counter-cyclical capital investment, resisting any temptation to curtail spending despite falling profits. Net income dropped to a four-year low $106bn for 2024 amid lower oil prices and a full year of voluntary Opec+ production cuts, and free cash flow fell well short of covering its dividend distributions, but the firm is sticking to its guns.
“Don’t forget, this is a cyclical market. You need to remain resilient,” says CEO Amin Nasser, pointing to Aramco’s expectations of 1.3mn b/d global oil demand growth this year. (CONTINUED - 775 WORDS)
