Saudi Aramco Profits Dive 73% as Virus Batters Oil Demand

VOA News | Aug 9, 2020 at 3:10 PM
  • Energy giant Saudi Aramco said on Sunday its second-quarter profits plunged a massive 73 percent due to sharply lower oil prices as the coronavirus crisis undercuts global demand.
  • The behemoth, recently dethroned by Apple as the world’s most valuable listed company, posted a net profit of $6.6 billion for the three months to June 30 compared to $24.7 billion for the same period of 2019.
  • Saudi Arabia, the world’s biggest crude oil exporter, has been hit hard by the double whammy of low prices and sharp cuts in production.