Saudi Aramco’s profits fell 21% in 2019 amid lower oil prices and reduced output. The firm still turned a massive $88bn profit during a landmark year in which it floated a minority stake (1.7%) on the Saudi bourse.
The firm held its debut full year earnings call on 16 March to a bleak backdrop, with global oil demand crashing amid the Covid-19 fallout. Oil prices too have crashed, in large-part due to Riyadh’s directive that Aramco ramp up supplies to an unprecedented 12.3mn b/d from April, of which 300,000 b/d will be drawn from inventories (MEES, 20 March). (CONTINUED - 1027 WORDS)