Saudi Aramco profit drops 50% for H1 2020 as pandemic batters oil price

Oil giant Saudi Aramco has reported a 50% fall in net income for the first half of its financial year, reflecting a devastating year for oil markets and the global economy at large as the world continues to battle the coronavirus pandemic. 

In a release published Sunday, the company said net income plunged to $23.2 billion in the first six months of the year, down by half from $46.9 billion over the same period in 2019.

Saudi Arabia’s majority state-owned oil company and the world’s largest crude producer also…