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DUBAI -Saudi Arabian state-owned oil giant Aramco expects to pay $31 billion in dividends to the Saudi government and its shareholders despite reporting lower earnings for the first quarter on Tuesday, hit by lower oil prices and volumes sold.
Aramco reported a 14% decline in first-quarter net income to $27.3 billion in the three months to March 31, in line with analyst estimates and down from $31.9 billion a year earlier, according to a company earnings statement. Brent crude has averaged around $83.50 so far in 2024, while Saudi Arabia needs oil at $96.2 to balance its 2024 budget, the IMF forecasts. With a projected budget deficit of 79 billion riyals this year, the kingdom could delay parts of its multiple mega projects.
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