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Saudi Aramco's Q1 crude oil output falls 12% on year to 8.6 mil b/d


  Saudi Aramco's crude production averaged 8.6 million b/d in the first quarter, down 12.2% from 9.8 million b/d in Q1 2020 due to OPEC+ production cuts and dwindling demand due to the pandemic, the company said in its quarterly financial results May 4.

  Aramco's total hydrocarbon production averaged at 11.5 million boe/d in Q1. The company's downstream business consumed 43.8% of Aramco's crude oil production in Q1, up from 35.5% in the same period a year earlier.

  Net profit rose 30.3% year on year to SAR 81.44 billion ($21.72 billion) in Q1, driven by higher crude oil prices, improved downstream margins and the consolidation of SABIC's results, partly offset by the lower crude oil volume sold, the company said.

  Cash flow from operating activities and free cash flow was $26.5 billion and $18.3 billion, respectively, while Q1 capital expenditure stood at $8.2 billion, the company said.

  Aramco said it expects capex for the year to be about $35 billion, down from original guidance of $40 billion–$45 billion.