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Saudi Aramco released its full-year 2019 financial report on March 15
.
decrease in income
decrease in incomeAffected by the oil price war and the spread of the new coronavirus pneumonia epidemic, Saudi Aramco's stock price fell sharply, shrinking 29% from its peak, falling below the initial public offering price
.
Saudi Aramco issued a statement on the 15th, saying that the company's net income for 2019 was $88.
2 billion, compared with $111.
1 billion in 2018
.
Saudi Aramco went through a variety of conditions last year, and "2019 has been unusual for Saudi Aramco," Chief Executive Amin Nasser said in a statement
.
In the absence of an agreement with Russia and other countries on oil production cuts, Saudi Arabia announced earlier this month that it had slashed its official oil selling price and increased production
.
The Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for the average daily demand for global crude oil to 99.
73 million barrels per day in its latest monthly report, an average decrease of 920,000 barrels per day
.
A Saudi Aramco employee pictured in Bouqaiq, Saudi Arabia on October 12, 2019
cut spending
cut spendingDespite lower revenue in 2019, Aramco said it paid out $73.
2 billion in dividends last year
.
