First Consequences of the World Economic Crisis: Saudi Aramco Delays or Reviews Several Projects

摘要

Following the sharp downturn in oil prices and the expected slowdown in the rate of growth of world crude oil demand, Saudi Aramco is in the process of reviewing some of its long-term projects, according the national oil company's Executive Director for Business Development, Mr. Khaled al- Buraik. Quoted by the Financial Times, Mr. al-Buraik explained: "We are going back to our partners and discussing with them the new economic circumstances. We are not talking about delays, we are talking about reviewing ... Maybe some projects were evaluated at 80 or 100 a barrel - now we are talking about 65 a barrel... I think the whole oil industry, the new expansions, oil and gas, will be reevaluated."