Saudi Aramco’s profits shrunk 25% last quarter—here’s what that means for the oil market: by theothersarahh
In the wake of the coronavirus pandemic, global demand for oil has plummeted and prices have cratered; even Saudi Arabia’s state-owned oil giant—the world’s largest and most profitable public company—isn’t immune to damage.... [+]In the first quarter, Aramco pulled in $16.7 billion in profit, down from $22.2 billion in the same period last year and well below analysts’ expectations of about $18 billion.
The conflict escalated quickly, with prices plummeting by more than 30% at one point, to lows not seen since the Gulf War in the 1990s.
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