Saudi Aramco 2020 web revenue slumps 44.4% as COVID-19 bites By Reuters


© Reuters. FILE PHOTO: An worker rides a bicycle subsequent to grease tanks at Saudi Aramco oil facility in Abqaiq

DUBAI (Reuters) – Saudi Arabian state oil large Aramco (SE:) on Sunday reported a 44.4% drop in 2020 web revenue, hit by decrease costs and volumes bought, and weakened refinery margins, because the coronavirus pandemic depressed demand.

Web revenue fell to 183.76 billion riyals ($49.00 billion) for the yr that ended December 31, from 330.69 billion riyals a yr earlier.

Analysts had anticipated a web revenue of 186.1 billion riyals in 2020, in response to the imply estimate of analysts in Refinitiv’s Eikon.

($1 = 3.7505 riyals)

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