RIYADH: Energy giant Saudi Aramco said Sunday its net profit for the second quarter plunged a massive 73% due to sharply lower oil prices as the coronavirus crisis undercuts global demand.
“Strong headwinds from reduced demand and lower oil prices are reflected in our second quarter results,” CEO Amin Nasser said in a statement. Saudi Arabia, the world’s biggest crude oil exporter, has been hit hard by the double whammy of low prices and sharp cuts in production that combined to severely impact oil income.
Following the move, Saudi oil production dropped to 7.5 million barrels per day in June, compared to last year’s average of 10 million bpd.
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