Aramco reassesses priorities
An income squeeze is forcing upstream delays and a reappraisal of the company’s downstream portfolio
The revelation by state oil heavyweight Saudi Aramco in early August that second-quarter profits had slumped by almost three-quarters on the back of the oil price collapse and its deep production cut response was accompanied by similarly predictable news that capex would end up at the southern end of guidance. Spending had already been lowered to $25-30bn in March. Two weeks after the results were released, the company announced the creation of a new division dedicated to “portfolio optimisation”—signalling the intent to review its increasingly sprawling and internationalised downstream business and potentially also to consider the partial asset sales mooted by its chairman six months before
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
