Saudi Arabia’s State-Owned Oil Major Aramco’s Profit Crashes 73 Per Cent
The Coronavirus pandemic has caused a drastic slump in energy demand and prices which has severely affected oil markets across the world.
The months-long global economic crisis has hit some major sectors of the economy. In fact, the world oil markets stand to be one of the worst affected. Recent news reports confirmed that Saudi Arabia’s state-owned oil major Aramco’s profit has plunged by 73% in the second quarter of 2020. Due to the ongoing Coronavirus pandemic, the world’s biggest oil exporter has experienced a drastic slump in energy demand and prices.
Aramco is currently the world’s second most valuable public trading firm. The company has confirmed that it will pay a dividend of $18.75 billion for the second quarter of the year. As demand and consumption of oil fell substantially across the world due to the lockdown, several major oil companies were badly hit. Moreover, this resulted in prices tumbling down to the lowest in the last two decades.
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