Saudi Aramco shed $800bn in market value since 2022 peak

Saudi Aramco's market value has plummeted by approximately $800 billion since its 2022 peak, a drop of nearly 40 percent. The state-owned oil company has reported its 10th consecutive drop in quarterly profits, citing lower crude oil prices as the primary cause for the slump in revenue. This financial downturn is directly impacting Crown Prince Mohammed bin Salman's Vision 2030 plans, which are intended to diversify the kingdom's economy away from oil dependence. As a result of the revenue slump, ambitious projects such as the Neom megacity are being significantly scaled back.