Saudi Aramco’s profits fell 45% last year as the coronavirus pandemic hit demand for oil all around the world.
Saudi Aramco, one of the largest companies in the world, still made a profit of $49bn (£35bn) however and said shareholders would still receive dividends totalling $75bn.
“We are seeing a pick-up in demand in Asia and also positive signs elsewhere,” said Saudi Aramco’s chief executive, Amin Nasser. “We expect this to continue as governments and authorities around the world reopen economies.”
The oil price has recovered slightly since December to $64.53 for a barrel of Brent Crude as the vaccine rollout gets under way.