Saudi Aramco, the world’s biggest oil company, is reducing its capital expenditure spend for 2020 due to the market conditions brought about by the COVID-19 pandemic, yet the company expects global oil demand to recover to 95 million b/d by the end of the year, Aramco President and CEO Amin H Nasser said in the company’s second-quarter results call. Capital expenditure was $6.2 billion in Q2 and $13.6 billion for the first half of 2020. Aramco said it is continuing a capex optimization and efficiency program, which will see it at the lower end of the $25 billion to $30 billion range for 2020. However, the company is “optimistic” on the market largely […]