The Saudi Arabia’s state-backed oil giant announced on Sunday that its profits in 2020 had fallen to 49 billion dollars (£35 billion) as the coronavirus pandemic roiled global energy markets. Expand Close Crown Prince Mohammed bin Salman (Victoria Jones/PA) / FacebookTwitterEmailWhatsapp Crown Prince Mohammed bin Salman (Victoria Jones/PA)In recent weeks, however, the price has edged up as movement restrictions ease, commerce increases and more people get vaccinated against Covid-19. Despite the sharp drop in oil revenue, Aramco said it would stick to its promise of paying quarterly dividends of 18.75 billion dollars (£13.5 billion) — 75 billion dollars (£54) a year — due to commitments the company made to shareholders in the run-up to its initial public offering. Despite Saudi Crown Prince Mohammed bin Salman’s efforts to diversify the economy away from oil, the kingdom remains heavily dependent on oil exports to fuel government spending. Saudi Aramco’s profit of 49 billion dollars (£35 billion) in 2020 is down from 88.2 billion dollars (£64 billion) in 2019 and 111.1 billion dollars (£80.1 billion) in 2018.

Source: Irish Independent March 21, 2021 06:53 UTC