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The head of Saudi Aramco said Monday he was optimistic that the global demand for oil was growing as the worst of the coronavirus pandemic "might be behind us".
Saudi Arabia's national oil company has announced a huge quarterly loss in profits, due to low oil prices and reduced demand
![Saudi Aramco [GETTY]](/sites/default/files/styles/large_16_9/public/media/images/BA7F0CF6-2A6C-4057-83FB-4DB3DA7F5155.jpg?h=d1cb525d&itok=-iNKJc1k "Saudi Aramco [GETTY]")
The world's largest listed firm posted a net profit of 62.5 billion riyals ($16.66 billion) in the three months to March, compared to $22.2 billion a year earlier.
The drop comes following a vicious price war between Saudi Arabia's state oil company and Russia.
Saudi Aramco has given its first earnings announcement as a listed company.
Responding to Aramco's statement, one Twitter user said the company needed to apologise to the "person himself" and not to the public.
Saudi Aramco shares recovered slightly on Tuesday after diving 10 percent a day earlier.
Yemen's Houthi rebels have admitted to carrying out strikes on Aramco facilities in Saudi Arabia but did not specify when the strikes were carried out.
Saudi Aramco's market value crossed the $2 trillion level several times during the day on Riyadh's Tadawul stock exchange before ending just below it.
Saudi Aramco becomes highest valued listed company in the world as businesses told it’s their ‘duty’ to invest