It was
The country's state-run oil company's net income fell to
"The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins, and a
The company called the 2019 results "strong" despite a lower price environment.
Aramco explained that it restored production levels within 11 days after a drone attack on two of its facilities in September that resulted in a Saudi oil production cut of 50 per cent.
The firm said it continued to be "one of the world's largest producers of crude oil and condensate with an average total hydrocarbon production of 13.2 million barrels per day of oil equivalent".
The company's president
"Our unique scale, low costs and resilience came together to deliver both growth and world-leading returns, while also maintaining our position as one of the world's most reliable energy companies," he added.
The results were announced amid an intense oil price war between
Nasser said that "the recent COVID-19 outbreak and its rapid spread illustrate the importance of agility and adaptability in an ever-changing global landscape".
"This is central to
Aramco stated last week it would boost its maximum oil production capacity from 12 million to 13 million barrels per day (bpd), while
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