The second quarter of 2020 has proven to be the most challenging economic period in a generation, with most industries suffering severe disruptions and significant economic losses - including the energy sector, Amin Nasser, Aramco President & CEO, said in a webcast to discuss H1 2020 financial results with analysts.
Despite these challenges of weak demand and lower oil prices, Saudi Aramco demonstrated significant operational and financial flexibility to deliver solid earnings. This also reflected on Aramco’s stock performance, which is highly positive compared to global oil producers.
Though it’s difficult to expect when the COVID-19 pandemic will be over, “The worst is likely behind us,” Nasser noted, expecting the energy markets to see partial recovery in the second half of the year, as many countries around the world have started easing COVID-19 restrictions and reopening their economies.
The energy industry is still facing challenges, amid weak demand, a plunge in oil prices and difficult work conditions worldwide, Nasser said, adding these conditions weighed on Saudi Aramco’s Q2 2020 results.
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