Saudi Aramco saw its Q1 2023 net profit decline by 19% year-on-year. Many Western investors are concerned that Saudi Arabia uses Aramco as a cash–cow for non-hydrocarbon-related projects. Aramco’s huge dividend commitment could start to weigh on the company’s financial health. It might appear counter-intuitive to characterize Saudi Aramco's (TADAWUL: ) net income of SAR119.54 billion (US$31.88 billion) as bad but in the context of what the company is, it is. It is not so much the 19 percent drop in net income that will be troubling to savvy oil market watchers. The drop in over the quarter can explain...