BMirror Desk:

Oil giant Saudi Aramco reported a 14.5% decline in first-quarter net profit on Tuesday, despite higher global oil prices. The company’s net income for the quarter was $27.27 billion, down from $31.88 billion in the same period last year.

This decrease is attributed primarily to a reduction in crude oil volumes sold. While oil prices have climbed in recent months, Saudi Arabia, a member of the OPEC+ oil producer alliance, has opted to maintain production cuts. This decision, aimed at stabilizing global oil prices, has limited Aramco’s overall sales volume.

“The decrease was primarily a result of lower crude oil volume sold,” the company said in a statement.

Despite the profit decline, Aramco announced it would maintain its dividend payouts to the Saudi government and shareholders, reflecting the company’s strong financial standing.