Saudi Aramco reveals revenues hit by COVID-19 impact
The oil and gas company Saudi Aramco revealed that its profits dropped significantly last year as the COVID-19 pandemic curbed demand for oil.
The Saudi Arabian firm said earnings last year dropped by nearly 45% compared with 2019.
Saudi Aramco, one of the largest companies in the world, still made a profit of $49bn (€41bn).
The firm said it had been "one of the most challenging years in recent history".
Other big oil and gas firms such as Shell and BP also saw profits fall. Exxon Mobil, the largest US energy company, also posted its first annual loss.
Over the course of last year the price of oil fell by 1/5 as countries blocked travel, shuttered industries and restricted many daily activities, reducing demand for energy and fuel.
The oil price has recovered slightly since December for a barrel of Brent Crude as the vaccine rollout gets under way.
“We are seeing a pick-up in demand in Asia and also positive signs elsewhere,” said Saudi Aramco's chief executive, Amin Nasser. “We expect this to continue as governments and authorities around the world reopen economies.”
The Saudi Arabian firm said earnings last year dropped by nearly 45% compared with 2019.
Saudi Aramco, one of the largest companies in the world, still made a profit of $49bn (€41bn).
The firm said it had been "one of the most challenging years in recent history".
Other big oil and gas firms such as Shell and BP also saw profits fall. Exxon Mobil, the largest US energy company, also posted its first annual loss.
Over the course of last year the price of oil fell by 1/5 as countries blocked travel, shuttered industries and restricted many daily activities, reducing demand for energy and fuel.
The oil price has recovered slightly since December for a barrel of Brent Crude as the vaccine rollout gets under way.
“We are seeing a pick-up in demand in Asia and also positive signs elsewhere,” said Saudi Aramco's chief executive, Amin Nasser. “We expect this to continue as governments and authorities around the world reopen economies.”
