Saudi Arabian oil company Aramco reported a 22% drop in second-quarter profit on Tuesday, and the world's top oil exporter said it was cutting costs and looking to divest assets as crude prices drop and its debt mounts.

Oil giant Saudi Aramco announced its 10th straight drop in quarterly profits on Tuesday as a slump in prices hit revenues, putting more pressure on the key driver of the Saudi economy."The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical products prices,

Aramco in March outlined total dividends of US$85.4-billion for 2025 – a 31 per cent drop from more than US$124-billion the previous year. The performance-linked component is set to plunge 98 per cent from 2024 to US$900-million as free cash flow dwindles.