Saudi state oil group Aramco on Sunday reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and said it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range.
) on Sunday reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and said it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range.
The world’s biggest oil exporter said the rapid spread of COVID-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products. Net profit fell to 24.6 billion riyals for the quarter to June 30 from 92.6 billion riyals a year earlier. All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel, which hurt oil demand and sent oil prices LCOc1 tumbling to levels not seen in nearly two decades.
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