The Key Takeaways From Saudi Aramco’s 2020 Report

Saudi Aramco, the world’s largest oil company, reported a 44% reduction in revenues in 2020. These losses were largely caused by COVID-demand destruction and lower oil prices. Saudi Arabia’s national oil company has had a rough year, attempting to re-establish itself as the world’s most important swing producer while dealing with a disastrous oil market and rising geopolitical threats. Despite the profit reduction, Saudi Arabia still outperformed all its independent competition, with Shell, BP, and ExxonMobil all reporting losses…