Saudi Aramco’s net profit plummeted nearly 45%

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Weak oil demand in the third quarter hit Saudi Aramco’s net profits. According to reports, Saudi Aramco’s third-quarter results announced on the same day showed that the coronavirus epidemic continued to curb demand for crude oil.

As of the third quarter, Saudi Aramco’s net profit fell sharply by 44.6% to 44.21 billion riyals (about 78.7 billion yuan), in line with previous expectations. Saudi Aramco chief executive said in a report

The price of Brent crude oil, the global benchmark for oil prices, started the year at $65 a barrel. The price on Tuesday was $39, a significant drop for any country, but even more so for a country like Saudi Arabia that depends on oil for the majority of its finances.