Saudi Arabian oil company Aramco reported a 22 per cent drop in second-quarter profit, and the world’s top oil exporter said it was cutting costs.

Oil giant Saudi Aramco announced its 10th straight drop in quarterly profits on Tuesday as a slump in prices hit revenues, putting more pressure on the key driver of the Saudi economy."The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical products prices,

Saudi Arabian oil company Aramco reported a 22% drop in second-quarter profit on Tuesday, mainly due to lower revenue.