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Saudi Aramco reports 20.6% drop in 2019 profit over low prices, production

The energy giant posted net profits of $88.2 billion last year compared to $111.1 billion in 2018, it said in the statement to the Saudi Stock Market

Saudi Aramco
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AFP | PTI Riyadh
1 min read Last Updated : Mar 15 2020 | 1:17 PM IST

Saudi Aramco on Sunday reported a 20.6 percent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement.

The energy giant posted net profits of $88.2 billion last year compared to $111.1 billion in 2018, it said in the statement to the Saudi Stock Market.

"The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins," Aramco said.

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Topics :Saudi AramcoSaudi ArabiaOil Pricesoil

First Published: Mar 15 2020 | 12:54 PM IST

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