Saudi Aramco’s profit plunges, sees signs of oil market recovery

Saudi Aramco’s profit plunges, sees signs of oil market recovery

Aramco, which listed in Riyadh last year in a record $29.4 billion flotation, said the rapid spread of COVID-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products.Nasser told reporters he had seen a partial recovery in the energy market and a pick up in demand as economies gradually open after the easing of coronavirus lockdowns."Look at China, their gasoline and diesel demand is almost at pre-COVID 19 levels. We are seeing that Asia is picking up and other markets (too)," he told reporters after announcing the company's quarterly results."As countries ease the lockdown, we expect the demand to increase."Nasser said Aramco was committed to its 2020 dividend."We intend to pay the $75 billion, subject to board approval and market conditions," he said.The group's dividends play