The world’s biggest oil exporter, Saudi Aramco, has reported massive losses for the second quarter, with its net profit nosediving 73.4 percent, as the Covid-19 outbreak crippled global demand for crude.
The oil giant’s net profit plunged to 24.6 billion riyals ($6.6 billion) for the three months to June 30, from 92.6 billion riyals ($24.7 billion) in the same period of 2019, according to a regulatory filing published at the Tadawul exchange where its stock trades. For the whole first half of the year, Saudi Aramco said its net income plunged to 87.1 billion riyals ($23.2 billion) down 50 percent from 175.9 billion riyals ($46.9 billion) one a year ago.
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