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.
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“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.
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