Saudi Aramco’s daily crude production fell to a nine-year low in 2020 as the coronavirus pandemic slashed demand, according to Bloomberg.
- Crude production fell 7% to 9.2 million barrels a day last year, the lowest since 2011.
- The company produced nearly a tenth of global supply, and would have been lower if not for a supply war in April when output surged to a record 12.1 million barrels a day.
- Aramco has a presence in Asia with supply arrangements in India, China, Japan, South Korea, the Philippines. It also has subsidiaries and an office network that provide services in Europe and the Americas.
- Saudi Arabia led the Organization of the Petroleum Exporting Countries (OPEC) and its partners in making the biggest output cuts on record, reducing some 10% from the market.