Al Rajhi Capital issues Q2 2024 earnings forecasts for Saudi Aramco

Logo of Saudi Aramco

Al Rajhi Capital issued its Q2 2024 earnings forecasts for Saudi Arabian Oil Co. (Saudi Aramco), which will likely disclose its second-quarter income statement before the start of trading l on the Saudi Exchange (Tadawul) on Aug. 6.

Saudi Arabia’s oil production averaged around 9.01 million barrels per day (bpd) for Q2 2024. Meanwhile, crude oil prices averaged about $85.3/barrel in Q2 2024, compared to $75.7 a barrel in Q2 2023.

“We anticipate Saudi Aramco’s Q2 2024 revenue to be almost flat year-on-year (YoY), owing to lower production volumes almost offset by higher brent prices compared to Q2 2023,” read the brokerage’s recent report.

However, weak refining margins amid slower demand shall continue to weigh down on the downstream business, Al Rajhi Capital indicated.

The following table illustrates Al Rajhi Capital’s Q2 2024 forecasts for Saudi Aramco: