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IS - Aramco ‘very comfortable’ with $30 oil, cuts 2020 capex by $10B - March 2020
Saudi Aramco told analysts and investors that it is “very comfortable with a $30 per barrel price level.” The company plans to cut its 2020 capital expenditures by $10 billion at midpoint to $25-30 billion on the impact of the coronavirus pandemic while at the same time ramping up crude production in April to 12 MMbo/d from the current 9.7 MMbo/d and also liquidating 300,000 bo/d of inventory. “In a nutshell, Saudi Aramco can......
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