Oil giant Saudi Aramco sees 2020 profits drop to $49 billion

Saudi Arabian Oil Co. on Sunday released its financial results a year after the pandemic sent the price of oil crashing to all-time lows as people stopped moving around the world to slow the spread of the virus.

Saudi Arabia’s state-backed oil giant Aramco says that its profits sharply fell in 2020 to $49 billion. The big drop came as the coronavirus pandemic roiled global energy markets.

A view shows the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. (REUTERS)

Saudi Arabian Oil Co. on Sunday released its financial results a year after the pandemic sent the price of oil crashing to all-time lows as people stopped moving around the world to slow the spread of the virus. In recent weeks, however, the price has edged up as movement restrictions ease, commerce increases and more people get vaccinated against Covid-19. The public figures offers insight into the health of the region’s largest economy.