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Saudi Aramco's profits slide nearly 45% after lower oil demand

March 22, 2021 12:05 pm
[Source: BBC]

The oil giant Saudi Aramco has announced that its profits fell sharply last year as lockdowns around the world curbed demand for oil.

Earnings in 2020 fell by nearly 45% compared with 2019.

Saudi Aramco, one of the largest companies in the world, still made a profit of $49bn (£35bn) however and said shareholders would still receive dividends totalling $75bn.

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Aramco’s largest shareholder is the Saudi government.

Over the course of last year the price of oil fell by a fifth as countries halted travel, closed down industries and restricted many day-to-day activities, reducing demand for energy and fuel.

Other big oil and gas firms such as Royal Dutch Shell and BP also saw profits plummet. Exxon Mobil, the largest US energy company, posted its first annual loss.

The oil price has recovered slightly since December to $64.53 for a barrel of Brent Crude as the vaccine rollout gets under way.

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