FILE - In this Dec. 11, 2019, file photo, Saudi Arabia's state-owned oil company Armco and stock market officials celebrate during the official ceremony marking the debut of Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia. Saudi Arabia's oil company Aramco said Wednesday, march 11, 2020, it will increase production capacity to 13 million barrels per day, up from 12 million per day, part of a strategy to dominate market share amid a slowdown in demand due to the outbreak of a new virus. (AP Photo/Amr Nabil, File)
FILE - In this Dec. 11, 2019, file photo, Saudi Arabia's state-owned oil company Armco and stock market officials celebrate during the official ceremony marking the debut of Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia. Saudi Arabia's oil company Aramco said Wednesday, march 11, 2020, it will increase production capacity to 13 million barrels per day, up from 12 million per day, part of a strategy to dominate market share amid a slowdown in demand due to the outbreak of a new virus. (AP Photo/Amr Nabil, File) Credit: Amr Nabil

Oil giant Saudi Aramco said Sunday its net income dropped by $22.9 billion in 2019 to $88.2 billion, a sharp decrease coming as the kingdom stands ready to flood an already-weakened global energy market amid the new coronavirus pandemic.

The announcement by the firm formally known as the Saudi Arabian Oil Co. did not address the demand by the kingdom it up production after a meeting between OPEC and Russia failed to see nations agree to a production cut. That led to a 25% plunge in the price of crude, the sharpest decline seen since the 1991 Gulf War.

International benchmark Brent crude traded over $33 a barrel Sunday, with analysts worried the price could further drop. While that makes gasoline cheaper for consumers and airlines, it also affects U.S.-based oil companies and others now struggling with lower economic growth amid the virus pandemic.

Saudi Arabia and the United Arab Emirates afterward said they stood ready to increase production at the end of the month, when the so-called OPEC-Plus production cuts earlier agreed to end. The Saudis have slashed oil prices and they’d ramp up production to 12.3 million barrels a day in April, a record.

The Saudi government also directed Aramco to increase output capacity to 13 million barrels a day. The UAE, home to Abu Dhabi and Dubai, said it would stand ready to increase production to 4 million barrels of crude a day, up from the 3 million it now pump.