{"id":341957,"date":"2020-03-16T11:13:17","date_gmt":"2020-03-16T05:43:17","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=341957"},"modified":"2020-03-16T11:13:17","modified_gmt":"2020-03-16T05:43:17","slug":"saudi-aramco-slashes-spending-as-coronavirus-erases-oil-demand-growth","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/saudi-aramco-slashes-spending-as-coronavirus-erases-oil-demand-growth\/","title":{"rendered":"Saudi Aramco slashes spending as coronavirus erases oil demand growth"},"content":{"rendered":"<p>Saudi Aramco is slashing planned spending this year in the first sign that plunging demand and the oil-price war the kingdom unleashed are hitting home.<\/p>\n<p>Capital expenditure will be between $25 billion and $30 billion in 2020 and spending plans for next year and beyond are being reviewed, Aramco said. The oil giant is lowering that range from the planned $35 billion to $40 billion announced in its IPO prospectus, and compares with $32.8 billion in 2019.<\/p>\n<p>\u201cThat was the surprise,&#8221; Ahmed Hazem Maher, an analyst at EFG Hermes in Cairo, said of the spending cut. \u201cThey\u2019re adding production in a low price environment so their cash flows could be impacted.&#8221; Cutting investment could help absorb some of the impact of the drop in oil prices, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Aramco is slashing planned spending this year in the first sign that plunging demand and the oil-price war the kingdom unleashed are hitting home. Capital expenditure will be between $25 billion and $30 billion in 2020 and spending plans for next year and beyond are being reviewed, Aramco said. The oil giant is lowering that range from the planned $35 billion to $40 billion announced in its IPO prospectus, and compares with $32.8 billion in 2019. \u201cThat was the surprise,&#8221; Ahmed Hazem Maher, an analyst at EFG Hermes in Cairo, said of the spending cut. \u201cThey\u2019re adding production in [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,187],"tags":[],"class_list":["post-341957","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-oil-gas-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/341957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=341957"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/341957\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=341957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=341957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=341957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}