Profit of oil company Saudi Aramco falls 50% in the first half to 19,7 billion euros

Oil company Saudi Aramco reached $ 23,2 billion (about 19,7 billion euros) in profit in the first half of this year, 50% less than in the same period in 2019, penalized by the covid-19 pandemic.

In the first three months of the year, the Saudi giant's net profit fell 73,4%, compared to the same period last year, to 6,6 billion dollars (approximately 5,6 billion euros).

However, the company maintains its intention to distribute dividends in the second quarter.

"The turbulence associated with reduced demand and low oil prices was reflected in our results", explained, in a statement, the executive president of the oil company, Amin Nasser.

In April and May, oil prices reached two-decade lows, falling below $ 20 (close to 17 euros) per barrel, which is justified by the decrease in demand due to covid-19.

Subsequently, prices rose to $ 44 (37 euros) per barrel, after producing countries decided to cut production.

Due to this cut, Saudi oil production fell in June to 7,5 million barrels per day, below the average of 10 million barrels per day recorded in 2019.

Aramco's profit was also affected by losses recorded at Saudi Basic Industries, the petrochemical that the Saudi company recently bought.

Despite the impact on the accounts, the Saudi giant will distribute $ 18,75 billion (€ 15,9 billion) in dividends in the second quarter.

The covid-19 pandemic has already claimed about 722 deaths and infected more than 19,4 million people in 196 countries and territories, according to a report by the French agency AFP.

The disease is transmitted by a new coronavirus detected in late December in Wuhan, a city in central China.

After Europe succeeded China as the center of the pandemic in February, the American continent is now the one with the most confirmed cases and the most deaths.

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