Saudi Arabian state oil giant Aramco on Tuesday reported a 25% fall in first-quarter net profit, below analyst estimates, hurt by lower crude oil prices as the coronavirus slashed demand.
FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah
Net profit fell to 62.48 billion riyals after zakat and tax for the quarter to March 31 from 83.29 billion a year earlier. Aramco said the results reflected “lower crude oil prices, as well as declining refining and chemicals margins and inventory re-measurement losses.” Aramco has kept its oil output at around 9.7 million barrels per day during the first three months of the year under an OPEC+ supply cut pact, before opening the oil taps in April after the collapse of earlier supply cut talks in early March.
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