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Saudi Aramco's profits drop 20% in 2019

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Oil giant Saudi Aramco reported a 2019 profit drop of 20% to $88.2 billion.

Officials with the company cited lower crude oil prices and declining margins for its chemical sales.

The company's earnings results report did not address the kingdom’s plans to increase production to record levels, announced earlier this month. OPEC and Russia failed to reach a production cut agreement.

Read more from The Associated Press.

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