Oil giant Saudi Aramco sees 2020 profits drop to USD 49 billion

Dubai: Saudi Arabia’s state-backed oil giant Aramco says that its profits sharply fell in 2020 to USD 49 billion. The big drop came as the the coronavirus pandemic roiled global energy markets.

Saudi Arabian Oil Co. Sunday released its financial results a year after the pandemic sent the price of oil crashing to all-time lows as people stopped moving around the world to slow the spread of the virus.

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In recent weeks, however, the price has edged up as movement restrictions ease, commerce increases and more people get vaccinated against COVID-19. The public figures offers insight into the health of the region’s largest economy.

AP