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Saudi Aramco’s CEO Khalid al-Falih has spoken twice in the past week about the state of the oil market and its impact on the state-owned oil giant and the kingdom. Yet his most recent remarks indicate a slight nuanced shift in his analysis. Mr Falih now says that oil prices are too low at current levels, though he followed the official script in saying that Riyadh would not act alone to balance markets.
Mr Falih says Aramco will now postpone some projects and renegotiate some contracts in light of the price slide, though spending on gas exploration – both conventional and unconventional – would be boosted substantially. (CONTINUED - 1847 WORDS)