RIYADH - Energy giant Saudi Aramco said on Sunday its second-quarter profits plunged a massive 73 percent due to sharply lower oil prices as the coronavirus crisis undercuts global demand.
The behemoth, recently dethroned by Apple as the world's most valuable listed company, posted a net profit of $6.6 billion for the three months to June 30 compared to $24.7 billion for the same period of 2019.
Aramco's net profit for the first half of the year also slumped by 50.5 percent to $23.2 billion, compared to $46.9 billion in the same period last year. Nasser also voiced optimism over what he called a "partial recovery in the energy market" amid an easing of virus restrictions in some countries. "Cutbacks have already caused Aramco to delay plans to expand production from its offshore fields," Energy Intelligence said in a report.The company has also slashed hundreds of jobs as it seeks to reduce costs, Bloomberg News reported in June.
Following the move, Saudi oil production dropped to 7.5 million barrels per day in June, compared to last year's average of 10 million bpd.
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