Saudi Arabia's state-owned oil company, Saudi Aramco, has reported a profit of $30 billion for the second quarter, marking a significant decline compared to the same period in the previous year.

The company attributed this 38% year-on-year drop to factors such as reduced crude oil prices and weakened margins in the refining and chemicals sectors.

This decline follows a previous decrease of 19.25% in net profit during the first quarter.

A separate statement by Aramco's CEO, Amin Nasser, emphasized the company's ability to adapt to market fluctuations and maintain resilience, resulting in strong financial results. Nasser reaffirmed the company's unwavering perspective on its mid- to long-term outlook.

Nasser also mentioned that the global economy's anticipated recovery, along with increased activity in the aviation industry, will necessitate continued investments in energy projects to ensure energy security.

Saudi Arabia, the world's largest crude exporter, experienced reduced production due to coordinated supply cuts with other oil-producing nations, resulting in a decrease of 500,000 barrels per day in April. Subsequently, the Saudi energy ministry announced a voluntary additional cut of one million barrels per day in June, which has been extended through September.

As of now, the kingdom's daily oil production stands at approximately nine million barrels per day, considerably lower than its reported daily capacity of 12 million barrels.

Analysts suggest that for Saudi Arabia to achieve a balanced budget, oil prices need to be maintained at around $80 per barrel.

In line with its strategic plans, Aramco is actively investing in expanding national production capacity to reach 13 million barrels per day by the year 2027.

It is worth noting that Aramco plays a pivotal role in financing Crown Prince Mohammed bin Salman's ambitious Vision 2030 reform program, aimed at diversifying the nation's economy away from fossil fuels.