Saudi Aramco is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in ...
Saudi Aramco is moving ahead with plans to boost crude output capacity by 1 million barrels per day to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group's CEO said on Monday.
Aramco's capital spending plan for 2021 will be"significantly lower than previous guidance," CEO Amin Nasser also said on a call with analysts and investors after the company's second quarter results, which were published on Sunday.Its previous capital spending guidance was US$40 billion to US$45 billion, he said.
Aramco reported a 73per cent fall in its second quarter profit, as lockdowns to contain the coronavirus reduced oil consumption and sent prices tumbling to levels not seen in nearly two decades.
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