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November 4, 2020

Coronavirus company news summary – Covid-19 casts a shadow over Aramco profits – India’s crude oil imports see a 10% drop in September

By Jessica Paige

4 November

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Identify the trends of tomorrow using filings sentiment analysis

Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020. Industrials had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment. GlobalData’s Filing Analytics Annual Report 2021 on Industrials provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:
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Understand the overall outlook for ADS, Construction, Mining, Oil & Gas, Power and Automotive, and spot the topics and themes that will be most impactful in the next few years. Download the full report to understand what to expect and how to align your business for success.
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Saudi Arabian Oil Company (Aramco) recorded a 44.6% slump in Q3 net profits as the ongoing pandemic wreaked havoc on the demand and prices of crude oil. Weak margins from refining and chemicals division also impacted the company’s net profit, which declined to 44.21 billion riyals ($11.79bn).

Gas focused companies are witnessing a recovery as natural gas prices begin to improve after being impacted by the Covid-19 crisis, while oil prices continue to be affected. The US benchmark natural gas prices surged 33% in October, while oil prices registered a 11% decline for the same period.

Crude oil imports to India dropped for the sixth consecutive month in September as the Covid-19 pandemic diminished fuel demand. The decline in demand, however, was the lowest since the beginning of the nationwide lockdown in March. The crude oil imports in September registered a 9.8% slump from the same period in 2019. The LNG imports rose by 4.5% to 1.64Mt in September, recording an all-time high since the index started in 2004.

Oil prices recorded a 3% rise on US election day, despite volatility and increase in coronavirus cases across the world. The Brent crude futures increased to $40.10 per barrel, as US West Texas Intermediate futures surged to $37.94 per barrel. The benchmark prices, which slumped last week, made a recovery thanks to Russian oil ministry holding discussions with local companies on the prospects of extending oil production curbs into next year.

Related Companies

Free Report
img

Identify the trends of tomorrow using filings sentiment analysis

Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020. Industrials had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment. GlobalData’s Filing Analytics Annual Report 2021 on Industrials provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:
  • Quarterly & annual reports
  • Earnings call transcripts
  • IPO filings
  • Events presentations
  • ESG filing trends
Understand the overall outlook for ADS, Construction, Mining, Oil & Gas, Power and Automotive, and spot the topics and themes that will be most impactful in the next few years. Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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