"Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half," Aramco CEO Amin Nasser said in a Tuesday statement accompanying the results.

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,

The number of active oil rigs in Saudi Arabia fell after several oil-field projects aimed at maintaining production capacity were completed, said Aramco Chief Executive Officer Amin Nasser.