Posted on Mar 21, 2021
Saudi Aramco's profits slide nearly 45% after lower oil demand
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The oil giant Saudi Aramco has announced that its profits fell sharply last year as lockdowns around the world curbed demand for oil.
Earnings in 2020 fell by nearly 45% compared with 2019.
Saudi Aramco, one of the largest companies in the world, still made a profit of $49bn (£35bn) however and said shareholders would still receive dividends totalling $75bn.
Aramco's largest shareholder is the Saudi government.
The firm said it had been "one of the most challenging years in recent history".
Earnings in 2020 fell by nearly 45% compared with 2019.
Saudi Aramco, one of the largest companies in the world, still made a profit of $49bn (£35bn) however and said shareholders would still receive dividends totalling $75bn.
Aramco's largest shareholder is the Saudi government.
The firm said it had been "one of the most challenging years in recent history".
Saudi Aramco's profits slide nearly 45% after lower oil demand
Posted from bbc.com
Saudi Arabia
Oil
Oil and Energy
Investing
Posted >1 y ago
Responses: 2
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Just wait. We are running out of cheap oil and natural gas. The Saudis are pumping water into their oil wells to keep production rate up. Demand keeps going up as our population keeps growing and if we are going to stop global warming we need to reduce CO2 production by over 7 percent per year by 2030 or that's it, the end of industrial civilization or worse.
We need to be building thorium liquid salt reactors ASAP to cover the times when solar and wind are not producing.
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Liquid fluoride thorium reactor
The liquid-fluoride thorium reactor concept has strong safety advantages over today’s nuclear reactors and the potential to implement a highly efficient and sustainable fuel cycle. It can potentially produce valuable products in addition to electrical energy that will enhance its competitiveness relative to low-cost natural gas and petroleum. LFTR Overview – Energy From Thorium
We need to be building thorium liquid salt reactors ASAP to cover the times when solar and wind are not producing.
http://www.ted.com/talks/taylor_wilson_my_radical_plan_for_small_nuclear_fission_reactors
Liquid fluoride thorium reactor
The liquid-fluoride thorium reactor concept has strong safety advantages over today’s nuclear reactors and the potential to implement a highly efficient and sustainable fuel cycle. It can potentially produce valuable products in addition to electrical energy that will enhance its competitiveness relative to low-cost natural gas and petroleum. LFTR Overview – Energy From Thorium
My radical plan for small nuclear fission reactors
Taylor Wilson was 14 when he built a nuclear fusion reactor in his parents' garage. Now 19, he returns to the TED stage to present a new take on an old topic: fission. Wilson, who has won backing to create a company to realize his vision, explains why he's so excited about his innovative design for small modular fission reactors -- and why it could be the next big step in solving the global energy crisis.
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Well in Jan the Saudis announced they were reducing production by a million barrels a day and it is now showing up in prices. There also has be a reduction worldwide in the Rig Count of over 750 Oil rigs. Demand dropped off the chart last year and production crashed and now with demand starting to rise here in the US you are seeing prices creep up due to those very issues. Add in the amount of gasoline being produced has also dropped you have the perfect storm for prices to spike then fall as more production comes on line. The RBOB future price last year about this time was $0.545 and the April future price last I checked was just over $1.94. A bit of an increase that will be reflected at the pump. then add in more people traveling this year, the switch to summer blends from winter blends and the upcoming summer travel season with pent up demand one can expect prices to rise.
And no the the Keystone pipeline cancellation has nothing to do with recent price increases at the pumps in AZ especially since its barely 10% completed.
And no the the Keystone pipeline cancellation has nothing to do with recent price increases at the pumps in AZ especially since its barely 10% completed.
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PO1 William "Chip" Nagel
SGT (Join to see) Not in the Least but those that wanted to Ship Piss Poor Quality Crud Oil thru the US from Canada to the China Market would have You believe Differently.
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CW3 Dick McManus
You wrote, "then add in more people traveling this year, the switch to summer blends from winter blends and the upcoming summer travel season with pent up demand one can expect prices to rise."
There is no pent up demand. Americans are living with massive debt in a new Great Depression. There will be no boom after the pandemic is stopped. What you need to be watching for is gasoline to jump up to $15.00 per gallon if you can find any. Fracking oil and natural gas companies have gone bankrupt.
There is no pent up demand. Americans are living with massive debt in a new Great Depression. There will be no boom after the pandemic is stopped. What you need to be watching for is gasoline to jump up to $15.00 per gallon if you can find any. Fracking oil and natural gas companies have gone bankrupt.
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