DUBAI, United Arab Emirates (AP)– Saudi Arabias state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion, a big drop that came as the coronavirus pandemic roiled global energy markets.Saudi Arabian Oil Co. launched its yearly financial results a year after the pandemic sent out the price of oil crashing to all-time lows as people stopped moving around the world to stem the spread of the virus. Aramcos policy to pay dividends significantly higher than its 2020 free cash flow of $49 billion stands in sharp contrast to other oil giants that have cut payments. Regardless Of Saudi Crown Prince Mohammed bin Salmans efforts to diversify the economy away from oil, the kingdom remains heavily dependent on oil exports to fuel federal government spending.Saudi Aramco revenue of $49 billion in 2020 is down from $88.2 billion in 2019 and $111.1 billion in 2018. Aramco anticipates to invest $35 billion this year, some $5-10 billion lower than previous estimates.Aramco facilities have actually come under increasing attack as Yemens Iran-backed Houthi rebels across the southern border target the kingdoms oil refineries and export terminals. A lot of OPEC oil cartel and allied countries likewise left their production cuts in location– in plain contrast to March of last year when a price war in between Saudi Arabia and Russia prompted the 2 oil giants to unleash an attack of crude on the market as demand dipped.

DUBAI, United Arab Emirates (AP)– Saudi Arabias state-backed oil giant Aramco revealed Sunday that its profits nearly cut in half in 2020 to $49 billion, a huge drop that came as the coronavirus pandemic roiled global energy markets.Saudi Arabian Oil Co. released its yearly financial results a year after the pandemic sent out the rate of oil crashing to all-time lows as individuals stopped moving around the world to stem the spread of the virus. In Spite Of Saudi Crown Prince Mohammed bin Salmans efforts to diversify the economy away from oil, the kingdom remains heavily reliant on oil exports to fuel federal government spending.Saudi Aramco earnings of $49 billion in 2020 is down from $88.2 billion in 2019 and $111.1 billion in 2018. Aramco expects to spend $35 billion this year, some $5-10 billion lower than previous estimates.Aramco facilities have come under increasing attack as Yemens Iran-backed Houthi rebels across the southern border target the kingdoms oil refineries and export terminals.

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