SAUDI Aramco has reported a net income of $31.9 billion in the first quarter of 2023, despite the decline in international crude prices. The world's largest oil exporter's net income from January to April is almost 19% lower than the $39.5 billion profit made in the same period last year, while its cash flow has risen marginally to $39.6 billion, it said on Tuesday. Global crude prices declined in the first quarter of 2023, mainly driven by macroeconomic events contributing to market volatility, it said. Aramco's net income beat expectations of $30.5 billion in the first quarter, which was forecast by analysts polled by Reuters. Chief executive Amin Nasser said Aramco's growth strategy remains on track across its downstream and upstream businesses, and it is swiftly progressing with its expansion plans. "We are also moving forward with our capacity expansion, and our long-term outlook remains unchanged as we believe oil and gas will remain critical components of the global energy mix for the foreseeable future," Nasser said.
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