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Profits were down 12 percent in the second annual drop following a record high posted in 2022, which came off the back of Russia's invasion of Ukraine.
![The Saudi economy has boomed amid a rise in global oil prices [Getty]](/sites/default/files/styles/image_156x88/public/2021-12/GettyImages-458328724.jpg?h=4b4c424d&itok=UiZuoI__)
![Saudi oil strategy [MediaNews Group/OCR/Getty]](/sites/default/files/styles/image_156x88/public/media/images/927BAD5D-26AC-4992-B3B7-169946950067.jpg?h=d1cb525d&itok=Xgjd1J6g "Saudi oil strategy [MediaNews Group/OCR/Getty]")
