Saudi Arabia’s Oil Giant Cuts Hundreds Of Jobs Amid Price Collapse

The world’s biggest oil-producing company, Saudi oil giant Aramco, has started laying off hundreds of employees—mostly foreign staff—across several divisions in response to the oil price crash, Bloomberg reported on Thursday, quoting sources with knowledge of the matter. Aramco, which employs nearly 80,000 people, annually revises down its staffing, but this year’s job cuts are larger than before, Bloomberg’s sources said, while Aramco commented on the report that it was not providing at this point details…