Oil giant Saudi Aramco profits crash amid coronavirus-driven energy market rout ...United Arab Emirates

Russia Today - Economy
Oil giant Saudi Aramco profits crash amid coronavirus-driven energy market rout
source : Russia Today ( United Arab Emirates ) () 80
Falling crude prices amid an unprecedented global demand slump have taken a big bite out of Saudi Aramco’s net income in the first three months of this year, according to the financial results released by the oil giant. In a release published Tuesday, Saudi Aramco reported that its net income plunged to 62.5 billion riyals ($16.6 billion) in the first quarter of 2020 from 83.3 billion riyals ($22 billion) a year earlier. The results are below analysts’ estimates, who expected the company to report a $17.8 billion profit. Aramco said the drop was mainly caused by lower crude oil prices, “as well as declining refining and chemicals margi

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