Despite a first-half production of 140.1 kboe/d, the company's outlook for the second half remains positive.

The underlying replacement cost profit, the key metric used by analysts, plummeted to $2.6 billion for the second quarter, down from $5.0 billion in the first quarter and $8.45 billion in the second quarter of 2022.

The additional cutback was introduced this month in addition to the output curbs already implemented by fellow OPEC+ producers to stabilize oil markets amid a fragile economic backdrop.

The company's earnings more than halved compared to the same period the previous year, falling far short of market expectations.

This trend provides further evidence that Saudi Arabia's extended supply cuts are effectively tightening the market.

The USA Department of Energy (DOE) has initiated the bidding process for the supply of six million barrels of domestically produced oil to be deposited into the Strategic Petroleum Reserve (SPR).

Saudi Arabia extends supply cuts through August

Britain's windfall tax to be scaled back to boost investment

Oil prices rise $1 per barrel

French oil major TotalEnergies posted a record net profit of $36.2 billion in 2022