Aramco CEO Amin Nasser at this year’s CERAWeek by S&P Global
Aramco keeps on spending
As cash-strapped Western governments commit to substantially raising defence expenditure, a similar dynamic is playing out in Saudi Arabia’s oil and gas sector, as Saudi Aramco maintains it heavy capex push despite reduced revenues
State energy company Saudi Aramco recorded a 12% drop in net income in 2024, to $106b, amid lower prices and production. With its finances feeling the pinch of global headwinds, the company announced on 4 March that its performance-related dividend in Q1 2025 would be slashed to $200m, from $10.8b the previous quarter. But despite the straitened financial circumstances, Aramco is sticking to its expansive capex programme, which last year accounted for 9% of the world’s total upstream spending. The reduced oil income may have hit the Saudi budget hard, but capex growth looks resilient. The IEA noted upstream spending last year of $50b was 35% higher than Aramco’s 2018–22 levels. Aramco itse
Also in this section
7 November 2025
The Russian company’s German assets are under Berlin’s management and are exempt from sanctions, for now, but a permanent solution still needs to be found
6 November 2025
The Russian firm made a significant attempt to expand overseas over the past two decades but is now divesting its global operations
6 November 2025
After years of pursuing ideologically driven climate leadership, Western powers are now stepping back under mounting political pressure and rising populist opposition—prompting concern essential climate action could be sidelined
5 November 2025
Construction of the pipeline in Afghanistan is making tangible progress, but extending it into Pakistan and India remains unrealistic for political reasons
