Aramco reassesses priorities
An income squeeze is forcing upstream delays and a reappraisal of the company’s downstream portfolio
The revelation by state oil heavyweight Saudi Aramco in early August that second-quarter profits had slumped by almost three-quarters on the back of the oil price collapse and its deep production cut response was accompanied by similarly predictable news that capex would end up at the southern end of guidance. Spending had already been lowered to $25-30bn in March. Two weeks after the results were released, the company announced the creation of a new division dedicated to “portfolio optimisation”—signalling the intent to review its increasingly sprawling and internationalised downstream business and potentially also to consider the partial asset sales mooted by its chairman six months before
Also in this section
23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
23 March 2026
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
20 March 2026
The US may be systemically stripping Russia of key geopolitical allies, but Moscow can reap rewards from the Hormuz crisis, both in the short and long term
