Aramco Profit Slips to $121 Billion in 2023 But Remains Strong Despite Lower Oil Prices

• Saudi Aramco reported $121 billion profit in 2023, down from record $161 billion in 2022 due to lower oil prices • Still Aramco's second highest profit ever; paid $31 billion in dividends to shareholders • Revenue was $440 billion, compared to $535 billion in 2022 • Aramco oil production held steady at 12.8 million barrels per day due to OPEC+ supply cuts • Saudi Crown Prince transferring Aramco shares to sovereign wealth fund to help pivot economy away from oil dependency