Saudi Aramco to have higher number of job cuts

Saudi Aramco, the world's biggest oil exporter, has begun cutting hundreds of jobs as it looks to reduce costs after a slump in energy prices, Report informs citing the Gulf News.

Aramco is letting go of mostly foreign staff across divisions, with affected employees being informed earlier this week. The company employs almost 80,000 people and goes through a round of cuts annually.

This year is bigger than usual, according to several sources.

"Aramco is adapting to the highly complex and rapidly changing business environment," the firm said. "We are not providing information regarding the details of any action at this time, but all our actions designed to provide us more agility, resilience, and competitiveness, with a focus on long-term growth."

Aramco has already slashed capital expenditure for this year to between $25 billion and $30 billion from an initial target of $40 billion and put 2021 spending under review.