Saudi Aramco may be forced to play catch-up in 2021 as rival state-controlled oil companies closely aligned to OPEC policy in the Middle East race to add new production capacity and win back market share despite deep pandemic-induced output cuts. Aramco began 2020 with a chunky capital expenditure budget of between $35 billion and $40 billion, but this figure was progressively lowered throughout the year as the demand shock caused by the global pandemic forced the kingdom into severe production cuts along with OPEC, Russia and other allies. By the third quarter, Aramco’s capex had been halved to $20 billion. Its pledge to maintain a hefty $75 billion dividend to […]