The world’s biggest oil producer is spending as much now as it did before the crash in crude prices, signaling no surrender in Saudi Arabia’s battle with rivals. Saudi Arabian Oil Co. is maintaining investment in oil and natural gas projects and has formulated a new strategy in response to cheaper crude as it studies options to sell shares in its parent company and downstream refining and chemical operations, Chairman Khalid Al-Falih said Monday. The state-run producer, known as Saudi Aramco, can sustain low oil prices for “a long, long time,” he told reporters in Riyadh. “Saudi Arabia is well-documented to be the clear lowest-cost producer — we have scale, capabilities, and technology to help us maintain our low cost as we go forward,” he said. “I’ve continued to encourage fiscal discipline in my role as chairman of Aramco. In our investments capacity, oil and gas has not slowed […]