Saudi Aramco has slashed dividend payments after profit tumbled last year in line with weaker oil prices. Net income dropped 12.4% from $121.3 billion to $106.2 billion over the course of 2024, Saudi Aramco reported on Tuesday.
President Donald Trump confirmed Monday that 25% tariffs on Canada and Mexico are “all set” to take effect Tuesday. He also signed an order increasing levies on China by another 10%.
Saudi Aramco cut the world's biggest dividend in a blow for Saudi Arabia's widening budget deficit, as the company seeks to relieve the stress on its own finances. The firm expects the total payout to be about $85 billion in 2025, compared with $124 billion for last year, it said in a statement Tuesday.
OPEC+ will revive halted oil production after repeated delays, amid pressure from US President Donald Trump to lower oil prices. The group will go ahead with the increase of 138,000 barrels a day in April, the first in a series of monthly increases which will gradually restore a total of 2.2 million barrels a day by 2026.
OPEC+ confirms an April output hike—will oversupply pressure oil prices lower? Traders watch key support and resistance levels amid market uncertainty.
Higher than expected crude supply and a likely demand hit due to softer U.S. activity and tariff escalation pose downside risks to oil price forecasts, Goldman Sachs said in a note dated Monday.
Saudi state oil producer Aramco reported a decline in net profit in 2024 and warned of a dividend cut. Members of media chat before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019.
Oil prices continued to fall in on Tuesday after U.S. President Donald Trump paused military aid to Ukraine and as markets braced for U.S. tariffs on Canada, Mexico and China to take effect.
OPEC+ has decided to proceed with a planned April oil output increase, three sources from the producer group told Reuters on Monday.
The crude oil market continues to see a lot of support underneath, as the Monday session seems to be positive in general. This is a market that continues to see a lot of questions asked about global demand.
Crude oil tests key resistance at $70.59. Geopolitical risks, U.S. tariffs, and China's demand outlook drive market uncertainty.
Oil futures edged slightly higher early Monday, finding support from improved economic data from China, though upside remains capped by President Trump's tariff plans.