Saudi Basic Industries Corporation (SABIC), one of the largest chemical producers in the world, announced a decline in its profits for Q4 2018 because of the drop in average selling prices, Pipeline Oil and Gas Magazine reported.

The company’s profits were around $864 million, down from around $990 million at the same period a year before.

SABIC’s petrochemicals selling price dropped as a result of the decline. Oil prices led to raising worries about accumulating crude inventories.