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Saudi Aramco’s Profits Shrunk 25% Last Quarter—Here’s What That Means For The Oil Market

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As the oil industry struggles to recover from the coronavirus crisis, the world’s most profitable company is struggling too.

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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We don’t need their oil!!!

This is silently going unnoticed, however, access to oil, and those profiting off it. They have the power to produce hot wars, they can produce political instability, I feel we’re playing with fire here, with a commander who loves kicking around sand in the sandbox.

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