VOL. XLI

No. 26

29-June-1998

SAUDI ARABIA

Saudi Aramco Extends Capital Spending Review As Budget Cuts Deepen

Under pressure from low oil prices, Saudi Arabia has had to widen a capital spendingreview launched earlier this year. Non-essential expenditures are being delayed across allsectors of the economy and a moratorium has been imposed on new projects. Moreover,existing projects which have been approved but which are not too far advanced in terms oftheir construction schedule are being...