Despite posting the highest quarter dividends in 2020 of any listed company, its profits were 25% down, compared to the same time last year when earnings topped $22 billion.
Just Sunday, the Saudi Energy Ministry directed Aramco to deepen production cuts and limit output to 7.5 million barrels per day in June. This comes as storage for crude nears max capacity due to lower demand for oil globally. The company's financial details were long a closely-held secret until Aramco began preparations for the sale of a portion of its shares last year.
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WHAT? ONLY US$16B DEAR GOD
Only $16B. Poor Aramco...I feel so sad for them....
But , oil is dead.