Saudi Government’s Milking of Saudi Aramco Leads to Underperformance- Saudi Aramco has posted a 3.4% year-over-year decline in its Q2 net income, dropping lower to 29.07 billion due to lower oil sales volumes and weaker refining margins. - The Saudi national oil company has been bearing the brunt of OPEC+ voluntary production cuts, because of which it has underperformed all Western oil majors, down more than 17% since the beginning of 2024. - Saudi Arabia’s oil rent has been hovering between 20% and 25% of the country’s…
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