Saudi Aramco reported second-quarter 2025 net income of 85.63 billion Saudi riyals (US$22.8 billion), a drop of roughly 22% from a year earlier and below analyst expectations of 89.34 billion riyals. It marks the state-controlled producer’s 10th consecutive quarterly profit decline, driven by weaker crude, refined-product and chemicals prices. Total revenue slipped 11% year on year to 407.14 billion riyals but came in ahead of the 378.99 billion-riyal consensus estimate. Free cash flow fell 20% to US$15.23 billion, leaving the company short of covering the US$21.36 billion dividend it declared for the period. Aramco has increasingly turned to borrowings to fund payouts; its chief financial officer said the firm will “remain active” in debt markets. Management kept 2025 capital-expenditure guidance unchanged at US$52-58 billion. Despite the weaker earnings, Chief Executive Officer Amin Nasser said oil-market fundamentals remain strong. He projects global crude demand to rise by 1.1-1.3 million barrels a day this year to about 105.8 million barrels a day, supported by gasoline and jet-fuel consumption in the United States and China. Nasser added that recently imposed U.S. tariffs are having little impact on consumption and that Aramco’s investment focus remains on Asia, including potential blue ammonia projects in Korea and Japan.