BREAKING: Saudi Aramco, kingdom's state-run oil giant, says net income dropped by $22.9 billion to $88.2 billion in 2019, jongambrellAP reports.
FILE - In this Dec. 11, 2019, file photo, Saudi Arabia's state-owned oil company Armco and stock market officials celebrate during the official ceremony marking the debut of Aramco's initial public offering on the Riyadh's stock market, in Riyadh, Saudi Arabia.
DUBAI, United Arab Emirates — Oil giant Saudi Aramco said Sunday its net income dropped by $22.9 billion in 2019 to $88.2 billion, a sharp decrease coming as the kingdom stands ready to flood an already-weakened global energy market amid the new coronavirus pandemic. Saudi Arabia and the United Arab Emirates afterward said they stood ready to increase production at the end of the month, when the so-called OPEC-Plus production cuts earlier agreed to end.
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