• Saudi Arabia books $29-BILLION deficit in Q2

    12 days ago - By RT

    Saudi Arabia booked a deficit of $29 billion for the second quarter of the year because of the continued slump in oil prices and oil demand, which affected revenues.
    Reuters reports the Kingdom's oil revenues for April to June were down 45 percent on the year, with total budget revenues down 49 percent from a year earlier.
    Saudi Arabia has taken some austerity steps already in an attempt to rein in public spending and mitigate the impact of the oil crisis on its economy, but it seems more would be needed.
    “A pullback in spending is essential for containing the deficit,” Reuters quoted...
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  • Shell Oil: 2Q Earnings Snapshot

    Shell Oil: 2Q Earnings Snapshot

    12 days ago - By Stl Today

    THE HAGUE, Netherlands - Royal Dutch Shell PLC on Thursday reported a second-quarter loss of $18.13 billion, after reporting a profit in the same period a year earlier.
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  • Shell slumps to an $18 billion loss as it takes huge asset write-downs amid low oil prices and slumping demand

    Shell slumps to an $18 billion loss as it takes huge asset write-downs amid low oil prices and slumping demand

    12 days ago - By Business Insider

    Oi l major Shell reported a net loss of $18.1 billion in Q2 compared to $3.2 billion net income in Q2 2019.
    That was largely down to an almost $17 billion write down the company took on the value of its assets.
    Shell had warned last month that it could take impairments of up to $22 billion.
    Looking beyond the impairment driven loss, Shell said that it had adjusted earnings of $638 million, a drop of 82% from the same period last year.
    Shell said "significant uncertainty in the macroeconomic condition" along with low oil prices could cause further weakness in the next few months.
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