Saudi Aramco reduced its net profit by almost 25 percent in 2023

According to Saudi Aramco's 2023 financial results, the company's net profit decreased by 24.7% to $121.3 billion from a record $161.1 billion in the previous year.

The company's free cash flow also decreased by 31.9% to $101.2 billion, while capital investments increased to $49.7 billion from $38.8 billion in 2022.
Furthermore, it has been reported that Saudi Aramco's decision not to increase oil production to 13 million barrels per day will result in a $40 billion reduction in its capital investment between 2024 and 2028.
In a statement, the company announced that it plans to maintain maximum sustainable capacity at 12 million barrels per day by deferring back-to-start projects and reducing new well drilling. This is expected to result in a reduction of approximately $40 billion in capital expenditure from 2024 until 2028.
The company's capex in 2023 reached $49.7 billion, which is a 28% increase compared to 2022. Aramco expects the 2024 figure to be between $48 billion and $58 billion.
In February, Saudi Aramco announced that it would maintain its maximum retained oil production capacity at 12 million barrels per day, as directed by the country's Ministry of Energy. The planned increase to 13 million by 2027 will not be implemented.