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Aramco “optimistic” despite plummeting profits

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                The Saudi energy giant Saudi Aramco announced this Sunday, March 21 a net profit of 41 billion euros for the year 2020. A result down 44.4% compared to the previous year.
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                                    <p><em>With our regional correspondent,</em> <strong>Nicolas keraudren</strong>

This is the second consecutive drop in its net profit that Aramco has reported since its IPO in December 2019. Last year, the energy juggernaut was hit by low oil prices amid a price war with Russia. The sharp cuts in production in connection with the Covid-19 crisis also affected the performance of the Saudi company.

Added to this economic situation is geopolitical instability: in recent weeks, the Houthi rebels in Yemen have claimed multiple strikes against its facilities in Saudi Arabia.

75 billion in dividends paid

In this tormented context, the largest oil company in the world is nevertheless reassuring. Aramco claims to have paid $ 75 billion in dividends as it had committed. His boss also said to himself ” very optimistic As to the growth in global demand for black gold.

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Sign of this potential recovery: oil has regained its price before the health crisis, with a barrel trading around $ 60.

Read also: Saudi Aramco’s action drops because of the coronavirus

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Source site www.rfi.fr

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