Aramco, the Saudi state-owned oil giant, has seen its profits fall by 38% to $30bn.

It follows a record figure posted by the oil group earlier this year of $161bn.

Lower crude oil prices and thinner margins in refining oil have seen profits fall by more than a third compared to the first quarter of 2023.

However, the company raised its payout to shareholders in the form of a $30bn dividend.

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