COVID-19: Saudi Aramco’s Q2 profit plunges 73%

Saudi state oil group Aramco’s profit plunged 73 per cent in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world’s biggest oil exporter. All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel, which reduced oil consumption and sent prices tumbling to levels not seen in nearly two decades. Aramco, which listed in Riyadh last year in a record $29.4 billion flotation, said the rapid…

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