Saudi Aramco on Sunday reported a 20.6 percent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement.

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The energy giant posted net profits of $88.2 billion last year compared to $111.1 billion in 2018, it said in the statement to the Saudi Stock Market.

"The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins," Aramco said.