Saudi Aramco Net Income Falls on Declining Crude Oil Volumes

By Christian Moess Laursen

Saudi Arabia's national oil company first-quarter profit fell and missed analysts' forecasts due to a lower volume of crude oil sold and weaker refining and chemicals margins.

Saudi Arabian Oil Co., known as Aramco, said Tuesday that its net profit fell to $27.27 billion in the quarter from $31.88 billion a year prior.

This came in below the $27.79 billion expected by nine analysts in a poll provided by Visible Alpha.

Write to Christian Moess Laursen at christian.moess@wsj.com