In the year 2020, the profit of Saudi Aramco fell to 49 49 billion

(PTI) Dubai, Dt

Saudi Aramco, Saudi Arabia's state-owned oil giant, announced on Sunday that its profit for the year 2020 was estimated at US ૪૯ 3 billion, down 5 per cent from its 2012 profit. The decline was prompted by a softening of the global energy market due to the global Corona epidemic.

The Saudi Arabian Oil Co. released its annual financial results a year after global crude oil prices hit historic lows as governments around the world imposed lockdowns on their countries to protect them from the Corona virus. However, in recent weeks crude oil prices have risen as most countries have eased transport restrictions, trade activities have resumed and more and more people are being vaccinated against coronavirus. However, experts believe that the demand for crude oil has not yet picked up.

Despite a 6 per cent drop in net income, Aramco said the company had promised to pay shareholders a quarterly dividend of US ૮ 12.5 billion at the time of its IPO and would keep its promise despite declining net income. All of the company's dividend money will go to the Saudi government, which owns 5% of the company.

Despite several attempts by Saudi Prince Mohammed bin Salman to reduce the economy's dependence on crude oil, Saudi Arabia is still heavily dependent on crude oil exports. Saudi Aramco's profit fell to US ૪૯ 5 billion in 2020 from US ૨ 4.5 billion in 2016 and US ૧ 111.1 billion in 2016. Aramco is one of the most valuable companies in the world despite declining profits.

The company said in its annual results that it produced 2.8 million barrels of crude per day during the year. In 2020, the company's capital expenditure fell to US 3 billion from ૩૨ 4.5 billion a year ago.

Aramco expects to spend 5 billion this year, પાંચ 5 to ૧૦ 10 billion less than previously estimated. Compared to April 2020, crude oil prices have risen again in recent months and the international benchmark Brent crude crossed ડો 70 per barrel last month and traded at ૬૪ 3 per barrel on Sunday. In April 2020, the price of Brent crude reached a low of just US ૨ 50 per barrel, the lowest international price.