Oil giant Saudi Aramco said Sunday its net income dropped by $22.9 billion in 2019 to $88.2 billion, a sharp decrease coming as the kingdom stands ready to flood an already-weakened global energy market amid the new coronavirus pandemic.
The announcement by the firm formally known as the Saudi Arabian Oil Co. did not address the demand by the kingdom it up production after a meeting between OPEC and Russia failed to see nations agree to a production cut.
Saudi Arabia and the United Arab Emirates afterward said they stood ready to increase production at the end of the month, when the so-called OPEC-Plus production cuts earlier agreed to end.
However, Saudi Aramco President and CEO Amin H. Nasser did address the new coronavirus and the COVID-19 illness it causes in a statement released alongside the results.
“The recent COVID-19 outbreak and its rapid spread illustrate the importance of agility and adaptability in an ever-changing global landscape,” Nasser said.
The results come as Aramco now trades a sliver of its worth on Riyadh’s Tadawul stock exchange.
It marks a new turn for the oil company, which previously remained a private company that didn’t need to announce results.