Saudi Arabian state oil giant Aramco on Tuesday reported a 25 percent fall in first-quarter net profit, below analyst estimates, after it was hurt by a plunge in crude oil prices as the coronavirus slashed demand, EDNews.net reports citing Aljazeera.
Brent crude prices fell 65 percent in the first quarter before the world's top oil producers, including Saudi Arabia and Russia, agreed to cut oil supply by a record 9.7 million barrels per day (bpd) starting from May to help shore up prices and curb oversupply.
Aramco's net profit fell to 62.48 billion riyals ($16.64bn) after state and religious taxes for the quarter to March 31 from 83.29 billion riyals ($22.17bn) a year earlier.
Analysts had expected a profit of $17.8bn, according to the mean estimate from Egyptian investment bank EFG-Hermes, Saudi Arabia's Al Rajhi Capital and Dubai-based Arqaam Capital.