A Saudi Arabian state oil company named Aramco has reported sharp decreases in earnings as crude oil prices slip while countries once again impose international measures to slow the spread of coronavirus. Aramco recorded a 44.6 percent drop in profit in their 3rd quarter.Weaker refining and chemicals margins have also affected Aramco’s profits, bringing the company’s net profit from $21.29 billion down to only $11.79 billion. \u201cWe saw early signs of a recovery in the third quarter due to improved economic activity, despite the headwinds facing global energy markets,\u201d said Saudi Aramco Chief Executive Officer Amin Nasser in a statement.<\/p>\n\n\n\n
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Sometimes, it’s difficult for us to get out of our own head when it comes to these lockdowns and our own outbreak of the coronavirus. It’s even more difficult to think about life outside of the United States considering everything else happening in America, but almost everything and everyone is being affected by this disease. Even Middle Eastern oil giants are having difficulty adjusting to this coronavirus, as selling goods and services has been bottlenecked on the international level. This will absolutely leave a lasting impact for the area because companies can’t immediately bounce back from a 44.6 percent drop in profits. This means layoffs and pay cuts. It’s gonna take a while for Aramco to recover.<\/p>\n\n\n\n
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In class we were discussing the International System and how it’s the way power is distributed around the world and the sectors from which that power is sourced from. Formerly, nations and empires have been the catalysts of global power. But recently, more and more non-state actors are starting to play bigger parts in how the international system works. Aramco is definitely one of those non-state actors that is becoming more powerful. Aramco launched the world\u2019s biggest-ever public share sale last December, before the coronavirus messed everything up. The more money in a company, the more influence that company has in the international playground. <\/p>\n","protected":false},"excerpt":{"rendered":"
A Saudi Arabian state oil company named Aramco has reported sharp decreases in earnings as crude oil prices slip while countries once again impose international measures to slow the spread of coronavirus. Aramco recorded a 44.6 percent drop in profit in their 3rd quarter.Weaker refining and chemicals margins have also affected Aramco’s profits, bringing the company’s net profit from $21.29… Read more »<\/a><\/p>\n","protected":false},"author":185,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4249","post","type-post","status-publish","format-standard","hentry","category-article"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/4249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/users\/185"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/comments?post=4249"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/4249\/revisions"}],"predecessor-version":[{"id":4250,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/4249\/revisions\/4250"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/media?parent=4249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/categories?post=4249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/tags?post=4249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}