World’s most valuable oil company says it plans to reduce spending this year

DUBAISaudi Aramco said its first-quarter profit fell and it would cut spending this year, underscoring the twin impact of an oil-price rout and the coronavirus pandemic on the kingdoms worsening finances.
The state-controlled company is the latest global energy giant to slash costs and spending as lower oil prices weigh heavily on the industry. Some have also cut dividends, while others are planning to sell billions of dollars in assets.