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The largely Saudi Government owned oil producer saw a 38% drop to $30 billion for the second quarter.

That's compared to this time last year, when prices surged following Russia's invasion of Ukraine.

The company said it was because of lower crude oil prices and smaller margins in refining and chemicals.

(Picture: A Saudi Aramco sign is pictured at an oil facility in Abqaiq, Saudi Arabia, October 12, 2019. Credit: REUTERS/Maxim Shemetov/File Photo)