Saudi Aramco, the world’s largest oil company, reported a 44% reduction in revenues in 2020. These losses were largely caused by COVID-demand destruction and lower oil prices. Saudi Arabia’s national oil company has had a rough year, attempting to re-establish itself as the world’s most important swing producer while dealing with a disastrous oil market and rising geopolitical threats. Despite the profit reduction, Saudi Arabia still outperformed all its independent competition, with Shell, BP, and ExxonMobil all reporting losses being forced to divest major oil and gas reserves. Aramco, it seems, remains optimistic, with CEO Amin Nasser expecting global oil demand to reach 99 million bpd at the end of 2021 and climb higher still in 2022. The oil giant is linking its future to Chinese oil demand, with Nasser confirming that Saudi Arabia will guarantee Chinese energy security to 2050. The optimism coming from Saudi Aramco leadership does […]