Saudi Aramco, the world’s largest oil company, reported its Q1 results this week, announcing a 25% drop in profits to $16.7bn amid tumbling oil prices. With a combination of lower production and sharply lower oil prices, a further sharp fall in Q2 seems inevitable.
Despite the sharp fall in profits, Aramco is still in good health. Profits were still greater than those for the five largest IOCs combined. (CONTINUED - 1018 WORDS)