Saudi Aramco Hikes 2023 Dividend To $98 Billion Despite Lower Profit

Saudi Arabia is receiving record income from its cash cow, the state oil giant Aramco, which raised its total 2023 dividend payment by 30% to nearly $98 billion.     Saudi Aramco, the world’s largest oil firm by both production and market capitalization, reported on Sunday a 25% drop in earnings for 2023 due to lower oil prices and lower oil sales. The Kingdom was restricting output by around 1.5 million barrels per day (bpd) for the better part of last year—500,000 bpd from cuts by several OPEC+ members that began in…