Oil: Aramco "optimistic" despite plummeting profits
Aramco's results suffered from the economic and geopolitical context.
REUTERS / Maxim Shemetov / File Photo
Text by: RFI Follow
2 min
The Saudi energy giant Saudi Aramco announced this Sunday, March 21 a net profit of 41 billion euros for the year 2020. A result down 44.4% compared to the previous year.
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With our regional correspondent,
Nicolas Keraudren
This is the second consecutive drop in its net profit that Aramco has reported since
its IPO in
December 2019. Last year, the energy juggernaut was hit by weak oil prices on the back of the war. price with Russia.
The sharp cuts in production in connection with the Covid-19 crisis also affected the performance of the Saudi company.
Added to this economic situation is geopolitical instability: in recent weeks, Yemen's Houthi rebels have
claimed responsibility for several strikes
against its facilities in Saudi Arabia.
75 billion in dividends paid
In this tormented context, the largest oil company in the world is nevertheless reassuring.
Aramco claims to have paid $ 75 billion in dividends as it had committed.
His boss also says he is "
very optimistic
" about the growth in world demand for black gold.
Sign of this potential recovery: oil has regained its price before the health crisis, with a barrel trading around $ 60.
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To read also: The action of Saudi Aramco decreases because of the coronavirus
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Saudi Arabia
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