Saudi Aramco is the engine on which the kingdom’s economy relies, with oil accounting for 60% of government revenues last year. The continued downturn in global oil prices is therefore problematic not just for Aramco’s balance sheet, but for the broader Saudi economy (MEES, 9 May).

Rather than seeking to protect its balance sheet, Aramco is demonstrating its commitment to counter-cyclical investments. Last quarter’s $13.1bn capex was the highest Q1 figure on record. This came despite a 5% decline in net income over the same period and considerable industry headwinds stemming from uncertainty over Chinese demand growth expectations and volatile US trade policies. (CONTINUED - 896 WORDS)

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