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Saudi Arabian state oil giant Aramco (SE:) on Tuesday reported a 25% fall in first-quarter net profit, below analyst estimates, hurt by lower prices as the coronavirus slashed demand.
prices fell 65% in the first quarter, before OPEC+ producers agreed to cut oil supply by a record 9.7 million barrel per day starting from May to help shore up prices and curb oversupply.
Net profit fell to 62.48 billion riyals ($16.64 billion) after zakat and tax for the quarter to March 31 from 83.29 billion a year earlier.
Analysts had expected a profit of $17.8 billion, according to the mean estimate from Egyptian investment bank EFG-Hermes, Saudi Arabia’s Al Rajhi Capital and Dubai-based Arqaam Capital.