The Saudi Aramco oil company reported a massive slump in profits for the third quarter of 2020. The news is an indication of the continued struggles of oil-rich Middle Eastern countries amid the COVID-19 pandemic.
Aramco’s net profits dropped 44.6% in quarter three, Reuters reported on Tuesday. Aramco is the largest oil company in Saudi Arabia, and Saudi Arabia is the biggest oil producer in the Middle East. Aramco is mostly state-owned, but is also publicly traded.