March 22, 2021

Anna Murray 

President and CEO of Aramco, the Saudi state-owned and the world's largest oil producer, Hassan Amin Nasser, recalled 2020 as one of the most challenging years in the recent history of the Saudi Arabian oil company.

Aramco released on March 21 an earning statement on 2020 net income of US$49 billion which was down from 2019s US$88.2 billion. The Saudi energy giant had its profits tumbled down 44.4% in 2020 as the impact of the coronavirus pandemic hit the world.

As reportedly the coronavirus pandemic curbed global oil demand, the drop in Aramco's profits was primarily attributed to lower crude oil prices and barrels sold in 2020 worldwide. Despite drone and missile strikes on Aramco oil facilities, including an assault fired 6 drones at Riyadh on March 19 by the Iran-backed Houthi rebels in Yemen, Nasser said the company's business was little affected by the attacks.

Photo:Webshot.