– providing markets with a much-needed boost as the world economy cautiously emerges from lockdown.
The move means that in June, Aramco production will drop to 7.5 million bpd – its lowest level since mid-2002, according to analysts. Aramco said on Tuesday that its 1st quarter revenues were calculated on the basis of an average production of 9.8 million bpd and an average oil price of $51.8 a barrel.
However, factoring in the cuts in May and June, profits in the coming quarters are likely to plummet, meaning that Saudi state revenues, which heavily rely on Aramco results, will take a substantial hit.on Monday, tripling value-added tax to 15%, delaying or canceling projects, and abolishing citizens' cost of living allowance.
The cuts risk stoking public resentment over an already high cost of living and demands for greater scrutiny of major projects such as the proposed purchase of English Premer League football club Newcastle United.
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