Saudi Aramco profits drop 50% for first half of year

Saudi Aramco reported a 50% decrease in net income for the first half of its financial year, dropping from $46.9 billion in the first half of 2019 to $23.2 billion through June 2020. CEO Amin Nasser reported on an earnings call — the first earning press conference held by the oil company since going public in December — that “The worst is likely behind us. We remain fairly positive about the long term demand for oil.”