Saudi oil group Aramco to pay more to state despite profits drop

World’s largest energy company’s first-quarter profits fall by 19% to $32bn after dip in oil prices

The Saudi government looks likely to reap greater revenues from the state-backed oil group Saudi Aramco despite the company posting a near-20% fall in quarterly profits.

The world’s largest oil and gas company said on Tuesday its profits had fallen by 19% in its first quarter compared with a year earlier, to nearly $32bn (£25bn), caused by a drop in oil prices.