The World's Largest Oil Company Sees Profits Fall By $22 Billion

Saudi Aramco reported a net profit of $88.2 billion for 2019, down from $111.1 billion a year earlier as low oil prices and production curbs took their toll on the world’s largest oil company. Free cash flow was also lower, at $78.3 billion, down from $85.8 billion in 2018, but still a solid amount. Spending in 2019 was lower than in 2018, at $32.8 billion, compared with $35.1 billion for 2018. Spending plans for this year are, unsurprisingly, for even lower spending, at between $25 and $30 billion, Aramco said. “The recent COVID-19…