Saudi Aramco Profit Down 73%

CBJ — Oil giant Saudi Aramco reported that its second-quarter profit plummeted by 73% due to a massive decline in demand for oil, caused in large part because of the COVIDID-19 global pandemic.

Net profit fell to just under $6.6 billion for the quarter to June 30 compared to about $23 billion during the same time period in 2019.

Virtually all major international oil companies have had to endure the same fate — posting massive losses during these unprecedented times.