Saudi Aramco Announces Intent to Increase Capacity by 1 Million Barrels of Oil Per Day
Saudi Arabian oil giant Saudi Aramco today reported second-quarter net income of $6.6 billion, a decrease of 73% from the $24.7 billion it earned in the year ago period due to the COVID-19 pandemic's impacts on demand and pricing. The company averaged crude oil production of 9.3 million barrels per day (mmbpd), and said it produced a single day record output of 12.1 (mmbpd) of crude oil on April 2. Oil prices have rebounded from historic lows caused by the demand shock related to COVID-19 shutdowns and stay-at-home policies.
