Saudi oil giant Aramco reported half-year profits Tuesday of $56.3 billion, down from the year before due to weakening volumes sold amid worries about the global economy.

Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was $220.7 billion, up from $218.6 billion the year before. Profits in 2023 were $61.9 billion, nearly $5 billion higher.