(MENAFN) Saudi Aramco said that it has decided to renegotiate some contracts as well as postpone some of its projects as the result of the continuous global plunge in oil prices, Gulf Daily News reported.
The company also said that the Kingdom will not single handedly balance the global oil market, despite Saudi maintaining its decision that it will not cut its output to stabilize the market and deciding that it will focus on its market share as it pumped 9.61 million barrels per day of crude in November and exported 7.3 million bpd.
Aramco stressed that the imbalance in the oil market had nothing to do with Saudi Arabia, adding that a fair price is what would ultimately balance supply and demand, in a clear indication that the country will keep its oil policy following the death of King Abdullah and King Salman taking reign
"We will have to adjust to the realities of today. We will push some projects into the future, we will stretch some of them, we will renegotiate some contracts. I think we got spoiled with $100 oil and we were focused on building capacity and we lost focus on fiscal discipline," Aramco's President and CEO said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.