#CrudeOil

30 March.New Delhi, Delhi, India
OPEC+ is a group of oil producers including Saudi Arabia and Russia. (Photo Credit: Unsplash)

  • The OPEC+ grouping of oil producers will hold its third ministerial summit of 2021 on Thursday
  • Group can decide to hold production steady also in May given current market weakness
  • The OPEC cartel's largest producer is Saudi Arabia but also includes Russia that produces more crude oil

21 March.Riyadh Saudi Arabia
Saudi Arabia is the world's biggest crude oil exporter. (Photo Credit: Aramco)

  • Energy giant Saudi Aramco posted a 44.4% slump in 2020 net profit 
  • The slump was due to lower crude prices as the pandemic weighed heavily on global demand
  • Aramco achieved a net income wother $49 billion in 2020, almost $40 billion less than 2019