Saudi Arabian oil company Aramco reported a 22% drop in second-quarter profit on Tuesday, and the world's top oil exporter said it was cutting costs and looking to divest assets as crude prices drop and its debt mounts.

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.

The number of active oil rigs in Saudi Arabia fell after several oil-field projects aimed at maintaining production capacity were completed, said Aramco Chief Executive Officer Amin Nasser.