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Saudi Aramco’s Profits Slip as Oil Prices Fall Saudi Aramco’s Profits Slip as Oil Prices Fall
(3 months later)
Saudi Aramco, the world’s largest oil company, said on Sunday that its profit last year fell more than 20 percent, primarily because of lower oil prices.Saudi Aramco, the world’s largest oil company, said on Sunday that its profit last year fell more than 20 percent, primarily because of lower oil prices.
Still, Aramco, the national oil producer of Saudi Arabia, remains one of the world’s most profitable companies, earning a net income of $88.2 billion in 2019. A year before, it earned $111.1 billion.Still, Aramco, the national oil producer of Saudi Arabia, remains one of the world’s most profitable companies, earning a net income of $88.2 billion in 2019. A year before, it earned $111.1 billion.
The announcement comes as 2020 is shaping up as a miserable year for the oil industry. Crude prices have nearly halved as demand plummeted because of the spreading coronavirus epidemic. A standoff between Saudi Arabia and Russia on production limits has worsened the situation. Lower prices will most likely put further pressure on Aramco’s performance this year.The announcement comes as 2020 is shaping up as a miserable year for the oil industry. Crude prices have nearly halved as demand plummeted because of the spreading coronavirus epidemic. A standoff between Saudi Arabia and Russia on production limits has worsened the situation. Lower prices will most likely put further pressure on Aramco’s performance this year.
Brent crude, the international benchmark, now sells for about $33.25 a barrel, and some analysts say they believe it will dip lower as Russia and members of the Organization of the Petroleum Exporting Countries increase production while demand for oil sinks.Brent crude, the international benchmark, now sells for about $33.25 a barrel, and some analysts say they believe it will dip lower as Russia and members of the Organization of the Petroleum Exporting Countries increase production while demand for oil sinks.
Saudi Aramco’s stock on Riyadh’s Tadawul exchange has been trading below 32 riyals (about $8.50) per share, the opening price in its initial public offering in December. On Sunday, the share price was about 28.70 riyals.Saudi Aramco’s stock on Riyadh’s Tadawul exchange has been trading below 32 riyals (about $8.50) per share, the opening price in its initial public offering in December. On Sunday, the share price was about 28.70 riyals.
Aramco’s future results will probably continue to be heavily influenced by the policies of Saudi Arabia, its main owner. Having failed to agree with Russia on new production trims at a meeting on March 6 in Vienna, the Saudi government ordered Aramco to ramp up its sales and production. The company recently slashed the prices it was offering to customers for its crude in April.Aramco’s future results will probably continue to be heavily influenced by the policies of Saudi Arabia, its main owner. Having failed to agree with Russia on new production trims at a meeting on March 6 in Vienna, the Saudi government ordered Aramco to ramp up its sales and production. The company recently slashed the prices it was offering to customers for its crude in April.
Saudi Arabia’s de facto leader, Crown Prince Mohammed bin Salman, hopes to offset the drop in prices with a rise in exports. Low oil prices and the deteriorating global economy threaten to undermine the prince’s ambitious plan, known as Vision 2030, to diversify the Saudi economy away from oil.Saudi Arabia’s de facto leader, Crown Prince Mohammed bin Salman, hopes to offset the drop in prices with a rise in exports. Low oil prices and the deteriorating global economy threaten to undermine the prince’s ambitious plan, known as Vision 2030, to diversify the Saudi economy away from oil.
Updated June 5, 2020
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
Aramco said in its release that in response to price volatility it would most likely cut capital spending to between $25 billion and $30 billion for 2020 compared to $32.8 billion in 2019. At the same time, the company recently announced plans to increase production capacity by a million barrels a day to 13 million barrels a day as part of the saber-rattling with Russia. A production increase of that magnitude will most likely require large expenditures on drilling and other operations.Aramco said in its release that in response to price volatility it would most likely cut capital spending to between $25 billion and $30 billion for 2020 compared to $32.8 billion in 2019. At the same time, the company recently announced plans to increase production capacity by a million barrels a day to 13 million barrels a day as part of the saber-rattling with Russia. A production increase of that magnitude will most likely require large expenditures on drilling and other operations.
Aramco said the earnings decrease was primarily because of lower oil prices. It also produced less oil because of restrictions that were in effect with OPEC and Russia. The company said it had earned lower levels of profits in refining crude and making chemicals, and had taken a $1.6 billion write-down on Sadara Chemical, a $20 billion joint venture with Dow Chemical.Aramco said the earnings decrease was primarily because of lower oil prices. It also produced less oil because of restrictions that were in effect with OPEC and Russia. The company said it had earned lower levels of profits in refining crude and making chemicals, and had taken a $1.6 billion write-down on Sadara Chemical, a $20 billion joint venture with Dow Chemical.
The statement noted that the company had rapidly restored production after aerial attacks on its facilities in September temporarily cut output by around half. In the release, the company’s chief executive, Amin H. Nasser, praised Aramco’s “agility and resilience.”The statement noted that the company had rapidly restored production after aerial attacks on its facilities in September temporarily cut output by around half. In the release, the company’s chief executive, Amin H. Nasser, praised Aramco’s “agility and resilience.”