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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Saudi Arabia scrambles to boost oil prices and revive the market it helped crashSaudi Arabia is pledging to make even deeper cuts to its oil production as the kingdom scrambles to revive the crude market it helped crash Don't want people paying lower prices !
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