“Oil revenue is received by the government through three channels: royalties (levied on oil sales); corporate income taxes (with different tax regimes for upstream and downstream activities and gas); and dividends that are paid by Saudi Aramco to all shareholders (the government currently owns 81.5% of the company). In the first half of 2024, dividends accounted for about one-half of the total revenue paid by Aramco to the government. The Public Investment Fund, which holds a 16% equity stake in Aramco, also benefits from the dividends paid by Aramco.” Tim Callen,  visiting fellow at the Arab Gulf States Institute in Washington, Lower Oil Prices Challenge Saudi Fiscal Policy [Arab Gulf States Institute in Washington]