(Bloomberg) — Saudi Aramco is slashing planned spending this year in the first sign that plunging demand and the oil-price war the kingdom unleashed are hitting home.Capital expenditure will be between $25 billion and $30 billion in 2020 and spending plans for next year and beyond are being reviewed, Aramco said. The oil giant is lowering that range from the planned $35 billion to $40 billion announced in its IPO prospectus, and compares with $32.8 billion in 2019.“That was the surprise,” Ahmed Hazem Maher, an analyst at EFG Hermes in Cairo, said of the spending cut. “They’re adding production in …read more
Source:: Yahoo Finance
