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Saudi Aramco sees massive drop in third quarter profits

The Saudi oil giant's slump is indicative of the crisis in Middle Eastern and global oil as the COVID-19 pandemic continues.
A man refills his car at a gas station in the Saudi capital Riyadh on May 11, 2020. - Saudi Arabia's energy ministry said it had asked oil giant Aramco to make an additional voluntary output cut of one million barrels per day starting from June to support prices. The move will reduce the production of the world's biggest crude exporter to 7.5 million barrels per day, the energy ministry said in a statement cited by the official Saudi Press Agency. (Photo by RANIA SANJAR / AFP) (Photo by RANIA SANJAR/AFP via

The Saudi Aramco oil company reported a massive slump in profits for the third quarter of 2020. The news is an indication of the continued struggles of oil-rich Middle Eastern countries amid the COVID-19 pandemic.

Aramco’s net profits dropped 44.6% in quarter three, Reuters reported on Tuesday. Aramco is the largest oil company in Saudi Arabia, and Saudi Arabia is the biggest oil producer in the Middle East. Aramco is mostly state-owned, but is also publicly traded.

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