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.
theothersarahh
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Aramco’s Profits Shrunk 25% Last Quarter—Here’s What That Means For The Oil MarketAs the oil industry struggles to recover from the coronavirus crisis, the world’s most profitable company is struggling too. 123456789 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. We don’t need their oil!!!
Source: Forbes - 🏆 394. / 53 Read more »
Saudi Aramco 1Q earnings: Oil price crash tanks profits by $6 billion - Business InsiderSaudi Aramco reported a net income of $16.7 billion in the first quarter of 2020, down 25% from $22.2 billion in the same period last year.
Source: BusinessInsider - 🏆 729. / 51 Read more »
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 !
Source: CNN - 🏆 4. / 95 Read more »
Oil gains after Saudi Arabia says it will cut production further to boost prices - Business InsiderThe kingdom's second round of oil production cuts comes after the historic deal with OPEC and its allies in April. u need a true man that will love me and I will give him all that I have No, the world does not need higher oil prices in the midst of global pandemic. The oil industry does. The way forward - RenewableEnergy greenenergy DivestFromWar
Source: BusinessInsider - 🏆 729. / 51 Read more »