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.

Also Read

Govt notifies telecom cyber security rules; sets timelines for telcos to report security incidents

6 hours ago

COP29: Rich countries’ proposal of $250 billion per year climate finance by 2035 draws flak from developing nations

6 hours ago

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