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Saudi Aramco profit surges by 30% in the first quarter: will Saudi Arabia reduce crude oil price for Asia as a gesture of goodwill?

hemanthaa@mail.com in Oil (General)

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hemanthaa@mail.com    + 64

hemanthaa@mail.com

Saudi Aramco profit surges

Saudi Aramco announced today that its first quarter profit went up by 30%, a significant jump given the volatility in the crude oil markets and uncertainty in other sectors. There are speculation, meanwhile, in the Middle East that Saudis may reduce crude oil price for Asia, given the Coronavirus situation in its main buyers in the region.

It could be a gesture of goodwill, if true. The Saudis couldn't choose a better time for it than the time that the Islamic world collectively observes the Ramadan - the most important event in their calendar. 

More on that is here:

https://www.oilfutures.co.uk/2021/05/as-saudi-aramco-profit-surges-will.html

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