Saudi Arabia’s oil giant Aramco is considering additional cuts to its capital expenditure (capex) in order to be able to pay its massive dividends, the Financial Times reported on Wednesday, quoting three people with knowledge of the plans. If oil prices continue to hold at the current levels at around $45 a barrel Brent Crude , Aramco will target capex of between US$20 billion and US$25 billion between 2021 and 2023, according to FT’s sources. In March, when oil prices crashed and Saudi Aramco’s profit started to decline as a result, the Saudi giant said that it continues to expect capital expenditures for 2020 to be between US$25 billion to US$30 billion, down from US$32.8 billion for 2019. In the second quarter, Aramco recalibrated capex and optimized operations as it reported a plunge in profits. The oil firm, however, pledged to stick to its plan to distribute dividends of […]