Saudi Aramco, the world’s largest oil company, has reported that its quarterly revenues were negatively affected by falling crude oil and petroleum product prices. The state-owned energy giant cited these price declines as the primary factor impacting its financial performance during the most recent reporting period.

Saudi Arabian oil company Aramco reported a 22% drop in second-quarter profit on Tuesday, and the world's top oil exporter said it was cutting costs and looking to divest assets as crude prices drop and its debt mounts.

Aramco pumped more oil but lower prices hurt its top line as crude on average fell to $66.7 a barrel from $76.3 earlier this year.