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Due to the challenging conditions of the global market, Saudi Aramco has reduced its capital expenditure to $6.2 billion in its second quarter- less than half of its first quarter capex ($13.6 billion). This course of action comes at the heel of a slump in demand caused by the pandemic, which plummeted profits by 73% in the second quarter.

Saudi Aramco reduces capital expenditure in response to plummeting profits

Due to the challenging conditions of the global market, Saudi Aramco has reduced its capital expenditure to $6.2 billion in its second quarter- less than half of its first quarter capex ($13.6 billion). This course of action comes at the heel of a slump in demand caused by the pandemic, which plummeted profits by 73% in the second quarter.

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