DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco said Sunday its profits dropped 20% in 2019 to $88.2 billion, a sharp decline coming as the kingdom stands ready to flood an already-weakened global energy market amid the new coronavirus pandemic. The announcement by the firm formally known as the Saudi Arabian Oil Co. did not address the kingdom’s plans to crank up production to record levels after a meeting earlier this month between OPEC and Russia failed to see nations agree to a production cut. That led to a 25% plunge in the price of crude, the sharpest decline seen since the 1991 Gulf War, and fears of a price war furthering dragging down the market. International benchmark Brent crude traded over $33 a barrel Sunday, with analysts worried the price could further drop. While that makes gasoline cheaper for consumers and airlines, it also affects U.S.-based oil companies and others now struggling with lower economic growth amid the virus pandemic. In its results, Aramco blamed lower crude oil prices and declining margins for its chemical sales for lowering profits. It also noted the chaos caused by a September attack on the heart of its oil production that… Read full this story
- Is Saudi Aramco Pioneering Nanotechnology Research?
- Comments for : Samsung's Q3 operating profits drop by more than half
- Facebook killing it in mobile, but sees profits drop 79 percent
- Comments for : HTC good times end: company posts first profit drop in two years
- Comments for : T-Mobile bleeds nearly half a million post-paid subscribers, profits drop
- Comments for : Apple sales drop 20% at Target during the second quarter
- Comments for : HTC net profit drops again in Q3 2012
- Solar-Panel Giant Poised to Get Even Bigger
- Alberta's Oil Sands Heat Up
- Better climate science has opened the door to lawsuits against Big Oil
Oil giant Saudi Aramco sees 2019 profits drop 20% to $88.2B have 290 words, post on apnews.com at March 15, 2020. This is cached page on The World Articles. If you want remove this page, please contact us.