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Analysts at Bank of America has said even though Saudi Aramco paid the world’s largest annual dividend at $75bn, the oil producer might have to raise it to compete with Big Oil companies.
They were quoted as saying, “Especially given that higher oil prices and OPEC+-driven production increases should support a significant free cash flow increase over the next couple of years.” The world’s biggest energy company had to turn to the debt market last year to help fund the dividend after its earnings plunged with the onset of the coronavirus pandemic. But oil prices have surged 40 per cent in 2021 to around $70 a barrel as major economies reopen.
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