Saudi Aramco, the world’s largest crude oil exporter, said Sunday its 2019 profit fell 21% to $88.2 billion due to lower oil prices and reduced output. It reduced 2020 estimated capital expenditures due to “current market conditions.” Receive daily email alerts, subscriber notes & personalize your experience. Register Now The drop from $111.1 billion in 2018 was “primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemicals margins, and a $1.6 billion impairment associated with Sadara Chemical,” Aramco said in a statement. A webcast is scheduled for Monday at 3pm local time (12:00 GMT). Aramco sold shares to the public last year in the world’s largest initial public offering as part of the kingdom’s Vision 2030 to diversify the kingdom’s energy-dependent economy. The company was able to restore output within 11 days after attacks on two facilities in September. It’s now […]