FILE - In this Dec. 11, 2019, file photo, Saudi Arabia's state-owned oil company Aramco and stock market officials celebrate the debut of Aramco's initial public offering on the Riyadh Stock Market, in Riyadh, Saudi Arabia.
Aramco paid the Saudi government 30% less in taxes in 2020, the company reported Monday, March 22, 2021, as the regions largest economy grapples with the pressures of the coronavirus pandemic and low oil prices.
(AP Photo/Amr Nabil, File)DUBAI โ Saudi Arabiaโs state-backed oil giant Aramco paid the Saudi government 30% less in taxes in 2020, the company said in a financial report Monday, as the regionโs largest economy reels from the fallout of the coronavirus pandemic and low oil prices.
Even as Saudi Crown Prince Mohammed bin Salmanโs aggressively pushes to diversify the economy away from oil, Saudi Arabia relies on the energy sector for 80% of its exports and two-thirds of its financial revenues.
The budget deficit has widened each year since oil prices dropped in 2014, prompting the government to borrow heavily and accelerate its shift away from oil largess.