Oil giant Saudi Aramco sees profits drop to $ 49 billion in 2020

Saudi Arabia’s state-backed oil giant Aramco says its profits fell sharply in 2020 to $ 49 billion. The big drop came as the coronavirus pandemic rocked global energy markets.

Saudi Arabian Oil Co. released its financial results on Sunday a year after the pandemic drove the price of oil to historically low levels as people stopped moving around the world to slow the spread of the virus.

In recent weeks, however, the price has risen slightly as restrictions on movement have eased, trade increases, and more people are getting vaccinated against COVID-19. Public figures provide insight into the health of the region’s largest economy.