Saudi Aramco will have higher number of job cuts this year

      Published on Friday, 19 June , 2020      1703 Views     
Saudi Aramco will have higher number of job cuts this year

  • Business

Saudi Aramco, the world’s biggest oil exporter, has begun cutting hundreds of jobs as it looks to reduce costs after a slump in energy prices

Aramco is letting go of mostly foreign staff across divisions, with affected employees being informed earlier this week. The company employs almost 80,000 people and goes through a round of cuts annually.

This year’s is bigger than normal, according to several sources

“Aramco is adapting to the highly complex and rapidly changing business environment,” the firm said in a statement. “We are not providing information regarding the details of any action at this time, but all our actions are designed to provide us more agility, resilience and competitiveness, with a focus on long-term growth.”

Aramco’s first-quarter profit slumped 25 per cent year-on-year to 62.5 billion riyals ($16.6 billion) as coronavirus shutdowns caused demand for oil to collapse. Brent crude has more than doubled since late April as more economies re-open. But at around $41 a barrel, it’s still down 37 per cent this year, putting huge pressure on producers globally.

Aramco has already slashed capital expenditure for this year to between $25 billion and $30 billion from an initial target of $40 billion and put 2021 spending under review.

Category Business, Saudi News | 2020/06/19 latest update at 8:05 PM
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