Saudi Aramco reveals whopping 21% profit-drop for 2019 – even before the latest oil crash & ‘price war’ ...United Arab Emirates

Saudi Arabia’s state-run oil giant Saudi Aramco has announced a sharp drop in its 2019 profit, falling well below expectations and coming a week after a reported oil dispute between Moscow and Riyadh sent oil prices plunging. The report, published by Aramco, showed that the company’s full-year 2019 net profit amounted to $88.12 billion, down by almost 21 percent from $111.1 billion the year before. The figure appeared to be well below analysts’ expectations; they’d projected the oil giant could earn around $92.6 billion. The company itself explained the losses, citing “lower crude oil prices and production volumes, coupled with declini

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Saudi Aramco reveals whopping 21% profit-drop for 2019 – even before the latest oil crash & ‘price war’ ...United Arab Emirates

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