Saudi Aramco reported that its Q3 2020 profits decreased to Riyal 44.21 billion ($11.79 billion) from Riyal 79.84 billion ($21.29 billion) in Q3 2019. It is now apparent that Saudi Arabia is in serious economic trouble. Saudi Aramco’s financial strength is a key factor in the overall stability of Saudi Arabia. Saudi Arabia must face the reality that demand is unlikely to recover any time soon and supply could increase greatly. There is also the potential of international rating agencies lowering the overall ratings of Saudi Arabia.

Source: Libya Today November 05, 2020 00:00 UTC