Dubai, United Arab Emirates (CNN) – The Saudi Arabian Oil Company, Saudi Aramco, announced on Sunday an annual profit of $ 49 billion in 2020, a 44% decline from its 2019 profit of $ 88.19 billion.
In a statement on the Saudi market, Tadawul, the company attributed the decline in its profits to the fact that the company’s income was mainly affected by the decrease in crude oil prices and the decrease in the volume of its sales in light of the decrease in demand, in addition to the low profit margins in the refining and chemicals business.
The Corona pandemic caused the suspension of global travel and the closure of businesses around the world, which caused a reduction in demand for oil, and prompted the OPEC Plus group last May to reduce oil production by 9.7 million birrels per day, or about 10% of global supplies.
And the President of Saudi Aramco, Amin Hassan Al-Nasser, expressed in early March during the Seera Energy Week conference, He is optimistic about the demand for oilWhere he said that he would witness a “strong rise”, indicating that the distribution of the vaccine made him optimistic in his view of the market conditions.
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