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Coronavirus fallout: Saudi Aramco
slashes hundreds of jobs amid drop in
global oil demand
One source estimated that 500 people had been laid off, adding that the job losses were mostly
based on performance and similar actions took place each year
Reuters | June 19, 2020 | Updated 12:23 IST

ECONOMY IN NUMBERS
GDP GROWTH

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Aramco has more than 70,000 employees

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State oil giant Saudi Aramco started laying off hundreds of
employees this month, two sources familiar with the matter
said, as global energy companies reduce their workforces in
response to the coronavirus crisis. Like other top oil firms,
Aramco has cut capital spending for 2020 after the pandemic
brought an unprecedented drop in oil demand and hammered
crude prices. Oil majors have cut workforces by 10% to 15% to
cuts costs and as part of restructuring plans.

Most of those who lost jobs at Aramco were foreigners, the
sources said. One source estimated that 500 people had been
laid off, adding that the job losses were mostly based on
Airbnb's valuation
performance and similar actions took Walmart
place each
year. Aramco
Walmart to triple annual
to export $10
crosses $100 billion in
has more
thanto70,000
employees.
from India
$10
billion of India-made
biggest US IPO of 2020exports
billion by 2027

goods each year by 2027

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