Saudi Aramco, the world’s largest company by market capitalization, recorded a fall in net income down to $88.2 billion in 2019, according to the firm’s full-year financial results statement announced late on Sunday.

This level, however, represents a 20.6% year-over-year decline as Aramco’s net income amounted to $111.1 billion in 2018.

“The decrease was primarily due to lower crude oil prices and production volumes,” the Saudi national oil company said in the statement.

The price of international benchmark Brent crude was down 9.6% year-over-year, averaging $64.37 per barrel in 2019, from $71.19 a barrel on average in 2018, according

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