Saudi Aramco reshuffled its senior management, appointing an acting head for the upstream business, as the world’s biggest oil producer adjusts to low crude prices.Nasir Al Naimi will become head of the upstream division until further notice, said people familiar with matter, who asked not to be identified as the matter is private. Mohammed Al Qahtani, who ran the unit, will become head of downstream business.
Aramco couldn’t be reached for comment immediately.
The moves come as Aramco adjusts to the reality of oil at $40 a barrel. It’s slashing spending and investment to try to preserve a $75-billion dividend even as its debt surges past targets set just last year. Most of the dividend goes to the Saudi state, which needs the funds as it faces a major revenue squeeze.
