MOSCOW, August 6. /TASS/. The net profit of Saudi oil company Saudi Aramco for January-June 2024 decreased by 10% year-on-year and amounted to $56.342 bln, according to the company's report.

At the same time, profits in the Q2 increased by almost 7% compared to the Q1 to $29.07 bln. The company attributes this to rising oil prices amid easing inflationary pressures, expected seasonal demand growth and a reduction in global oil inventories. The average selling price of Saudi Aramco's oil in the second quarter was $85.7 per barrel, up from $83 per barrel in the Q1. In the first half of the year, the average price reached $84.3 per barrel, compared with $79 per barrel in the same period last year.

The company's free cash flow in the first six months was $41.7 bln (-29.6%). The company's capital expenditures increased by 16% to $22.96 bln.

Saudi Aramco also noted that the secondary placement of shares allowed the issuance of 1.7 bln securities (about 0.7% of total shares) at a final price of 27.25 riyals (about $7.3) per share.

Saudi Aramco's hydrocarbon production in the Q2 was 12.3 mln barrels per day (bpd) of oil equivalent (down 0.8% from the Q1). Saudi Arabia is voluntarily reducing oil production by 500,000 bpd from May 2023 to the end of 2025 as part of agreements with several OPEC+ countries. The kingdom is voluntarily cutting oil production by an additional 1 mln bpd from July 2023 untin the end of September 2024.