Saudi Arabia hit hard by low oil prices as Aramco posts massive loss | WHAT REALLY HAPPENED

Saudi Arabia hit hard by low oil prices as Aramco posts massive loss

Low oil prices exacerbated by the spread of the new coronavirus pandemic, have inflicted a huge financial loss on Saudi Arabia and its biggest revenue generator, the state-run oil company Aramco.

In a Sunday statement, Aramco CEO Amin Nasser admitted the company had suffered bitterly as a result of recent developments in the international oil markets.

Revenues declared by Aramco for the three-month period to the end of June had been reduced $18.1 billion year on year to stand at only $6.6 billion.

That reflects a massive loss of 73 percent compared to the similar period last year.

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