Saudi Arabia’s Oil Giant Keeps $31-Billion Q1 Dividend Despite Profit Drop

Saudi Aramco is keeping its huge dividend of $31.1 billion for the first quarter despite a decline in net income due to lower crude sales as the Kingdom is voluntarily restricting supply to the market.  Aramco, the state oil giant of the world’s top crude oil exporter and the largest oil firm globally, reported on Tuesday a net income of $27.3 billion for the first quarter of 2024, down from $31.9 billion for the same period of 2023, due to lower crude oil volumes sold, weakening refining and chemicals margins, and lower finance…