"Aramco is adapting to the highly complex and rapidly
MARKETS MONEY INDUSTRY TECH OPINION PHOTOS
changing business environment caused by the COVID-19
pandemic. We constantly review and revisit our operating
expenditures where necessary to continue driving operational
excellence and profitability," Aramco said in a statement.
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"We are not providing information regarding the details of any
action at this time, but all our actions are designed to provide
us more agility, resilience and competitiveness, with a focus on
long-term growth," it said. Bloomberg was first to report the
job cuts.
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Qatar Petroleum, one of the world's biggest energy companies,
has also laid off foreigners and cut its spending plans to cope
with the slump in oil and gas demand which has hit global
economies, industry sources have told Reuters. Kuwait, a key
Gulf oil producer, plans to stop hiring foreigners for its oil
sector for a year, the Kuwaiti oil minister said this month.
Nearly 50% employers
switch to virtual hiring
amid COVID-19 pandemic
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Tags: Coronavirus | COVID-19 Pandemic | Coronavirus Fallout | Saudi Aramco | Saudi Aramco
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Jobs | Saudi Aramco Layoffs | Saudi Aramco Job Cuts | Global Oil Demand | Global Oil Demand
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