Business Standard

Aramco reshuffles top management, Al Naimi to head upstream segment

The moves come as Aramco adjusts to the reality of oil at $40 a barrel

saudi aramco, Oil, crude, petrol

In the oil industry, the upstream business focuses on exploration and production

Javier Blas and Matthew Martin | Bloomberg
Saudi Aramco reshuffled its senior management, appointing an acting head for the upstream business, as the world’s biggest oil producer adjusts to low crude prices.Nasir Al Naimi will become head of the upstream division until further notice, said people familiar with matter, who asked not to be identified as the matter is private. Mohammed Al Qahtani, who ran the unit, will become head of downstream business.

Aramco couldn’t be reached for comment immediately.

The moves come as Aramco adjusts to the reality of oil at $40 a barrel. It’s slashing spending and investment to try to preserve a $75-billion dividend even as

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First Published: Aug 23 2020 | 11:37 PM IST

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