KEYFACT Energy
The second quarter was bad for oil companies. Industry giants like ExxonMobil and Chevron reported losses in the billions of dollars. Even Saudi Aramco, the most profitable oil company in the world, reported a 73% decline in profit compared to the same quarter last year.
All of this was expected since Saudi Arabia’s over production policy in April sent oil supply soaring while lowering oil prices, all while the economic lockdowns in response to the coronavirus pandemic decimated oil demand.