Saudi Aramco, the world’s top oil exporting company, on Tuesday reported a 25% fall in first-quarter net profit, missing analyst estimates, but its quarterly dividend was in line with a plan for a $75 billion payout for the year.

In other news, Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom’s budget and global demand remains weak due to lockdowns to contain the coronavirus pandemic.

To read about this and more of the week’s news from the Kingdom, click here.

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