In Q1 2020, Saudi Aramco lost 25% of its profit

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    Saudi Aramco
    Saudi Aramco

    State-owned oil company Saudi Aramco earned $ 16.64 billion in the first three months of this year, which is 25.64 billion, which is 25 % less than the same period a year earlier.

    The reason for the fall in profits is called a decrease in demand due to coronavirus, which led to the collapse of the price of black gold. At the same time, real data turned out to be worse than predicted ($ 17.8 billion).

    Recall that Saudi Aramco is actively fighting for European and Asian markets, offering oil at a discount of 10% or more, with a delay of payment for 90 days.

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