Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) said the per-barrel average selling price of crude oil sharply fell over the first half (H1) and the second quarter (Q2) of 2020 as the coronavirus pandemic affected the global economy and hammered demand.

According to Aramco’s financial statements, the average price of crude oil tumbled by 65.79% or $45 per barrel (pb) yearly during Q2-20, reaching $23.4 pb when compared with $68.4 pb in Q2-19.

In H1-20, the average selling price retreated by 43.3% or $28.6 pb on an annual basis, standing at $37.4 pb from $66 pb in H1 of last year.

In the three-month period ended 30 June, the oil giant gained SAR 24.62 billion in net profits, down by 73.41% from SAR 92.59 billion in the same period in 2019.

Source: Mubasher

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