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Oil giant Saudi Aramco sees profits fall sharply due to corona crisis | NOW

Oil company Saudi Aramco made considerably less profit in 2020 than in the previous year. Profits plummeted by 44 percent to 41 billion euros, mainly due to the consequences of the corona crisis, the Saudi state-owned company reported on Sunday.

Despite the profit drop, the oil giant is paying out around 63 billion euros in dividends, mainly to the Saudi government.

The amount is a nice boost for the largest shareholder in the company. The Saudi government is facing a growing budget deficit after the coronavirus ravaged energy markets and shut down businesses across the kingdom last year.

Saudi Aramco also suffered a lot from the effects of the virus in 2020. Due to the corona crisis, demand for oil and with it the oil price fell sharply last year. The world’s largest oil concern actually increased oil production at the beginning of the year, pushing it to its highest level ever on April 2. As a result, there was a lot of supply, while there was little demand for oil.

According to CEO Amin Nasser, demand for oil has been picking up since the end of last year after several countries lifted their lockdowns. “We see an improving demand in Asia and there are positive signs elsewhere in the world as well.”

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Source site www.nu.nl

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