Saudi Aramco's quarterly net profit dips 19%

Saudi Arabia's state-run oil company has posted a nearly 20 percent drop in net profit for the January-to-March period. This comes as global crude oil prices trend downward.

Saudi Aramco announced on Tuesday its net income for the previous quarter was slightly below 32 billion dollars. That's down 19 percent from a year earlier.

The company's net income for 2022 was the highest since it went public. The record figure was driven by soaring crude prices on the back of Russia's invasion of Ukraine.

But benchmark international crude oil futures have been on the decline since the second half of last year. This is due in part to concerns over a global economic slowdown.

Saudi Arabia and other major crude-producing countries have sharply cut their output this month to support oil prices. They plan to discuss their future production strategy in June.