Saudi Aramco sees profit dive 50% for the first half of the year, but keeps its $75 billion dividend payout intact

Saudi Aramco sees profit dive 50% for the first half of the year, but keeps its $75 billion dividend payout intact

Saudi Aramco posted a 50% dive in profits for the first half of the year, as the pandemic destroyed energy demand.  

Yet the oil major kept its $75 billion dividend intact, most of which will be paid out to Riyadh government officials in the third quarter.

The decision to retain its dividend was influenced by expectations of a rebound in energy demand as economies relax lockdown restrictions and reopen businesses.

However, Saudi Aramco's optimism is at odds with what some forecasters believe lies in store. JPMorgan has cut its outlook for H2 demand by 1.5 million barrels a day, because of a "shallower recovery."

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Saudi Aramco reported a 50% drop in net income for the first half of the year, reflecting the severe impact on oil demand and