Saudi Aramco sees profit plummet by 73.4%

Saudi Aramco reported a drop in its net profit in 73.4% in the second quarter of this year, compared to the previous year. The low is a as a result of price instability in the oil market as a result of of the covid-19 pandemic. The announcement of the Saudi giant was made in the last Sunday (9).

The price of oil reached its lowest level in decades, below $20 a barrel in April and May of this year. Nevertheless, the Saudi Aramco is still doing better than several other companies international industry. Saudi Arabia posted net income of about $6.6 million billion from April to June 2020, compared to $24.7 billion in the same period last year.

It is noteworthy that the Saudi giant's profit fell US$ 23.2 billion in the first half of the year, while five other major oil – BP, Chevron, ExxonMobil, Royal Dutch Shell and Total — reported losses $53 billion in the second quarter of 2020.

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