Aramco pumped more oil but lower prices hurt its top line as crude on average fell to $66.7 a barrel from $76.3 earlier this year.

Saudi Aramco on Tuesday posted a drop in second-quarter revenues, citing lower crude oil and refined chemical products prices that were only partially offset by higher traded volumes. The world's largest oil company declared an adjusted net income of 92.

Saudi Aramco’s profits have plunged in Q2 as lower oil prices dragged down company's revenue and stunted its growth.

BP has been under ongoing pressure from investors for underperforming compared to its rivals in recent years. In February, BP slashed its planned investments in renewable energy projects and said it would spend billions of dollars more a year on its oil and gas operations in a bid to improve investor confidence.

BP is seeking to bolster oil and gas in its portfolio to regain investor confidence and revive underperforming shares.

BP has made its largest oil and natural gas discovery in 25 years off the coast of Brazil, it said Monday, in a potential big boost for the British company following its strategic shift away from renewable energy to refocus on fossil fuels.