The uncertainty released by Donald Trump's trade war has dealt a financial blow to Saudi Arabia's state-owned oil giant ahead of this week's high-profile visit to the kingdom.
Saudi Aramco, the world's largest oil company, said on Sunday that profits fell 5% in the first quarter of the year to $26 billion (£19.5 billion) due to concerns about weakening oil prices in global trade.
This led the company to reduce its dividend from $31 billion to $21.4 billion in the last quarter of last year.
Saudi Aramco CEO Amin H.
Oil prices fell after Mr. Trump’s “Liberation Day” tariff announcement, fears they would slow economic activity around the world.
Opec Cartel's recent decision to increase production has also put pressure on crude oil prices, now hovering at around $64 a barrel.
Saudi Aramco said the average price in the first quarter was $76.30, compared with $83 a year ago.
Stocks in the business also fell more than 3% last month and fell nearly 17% over the past year.
When Mr. Trump prepares to visit the Middle East this week, he will visit Saudi Arabia, Qatar and the United Arab Emirates there, hoping to reach a series of lucrative investment deals.
Mr. Trump said he hopes to convince Riyadh to invest more than $1 trillion in the U.S. economy.
White House press secretary Karoline Leavitt said last week that Mr. Trump is looking forward to a "historic return."
“President Trump will re-emphasize his ongoing vision for the Middle East and Middle East countries to be in a cooperative relationship, a prosperous and successful Middle East, where extremism is defeated in place of business and cultural exchanges,” she said.
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Robert Mogielnicki, a senior resident scholar at the Arab Gulf State Institute in Washington, told Reuters: "The Trump administration hopes this trip will be a big deal.
Meanwhile, Saudi Aramco's profits were similarly declined by rival oil giants Shell and BP.
BP's profit fell 49% in the first quarter of last month, while Shell's profit fell nearly a third during the same period.
For Saudi Aramco, which is owned by the Saudi government, this will increase pressure on the kingdom’s leadership as it strives to diversify its economy from fossil fuels.