Saudi Aramco started laying off hundreds of employees this month as global energy companies reduce their workforces in response to the coronavirus crisis.
After the pandemic hammered crude prices and brought an unprecedented drop in oil demand, Aramco has cut capital spending for 2020. The same move taken by other top oil firms. To cut costs and as part of restructuring plans, oil majors have cut workforces by 10-15 percent.
Foreigners were those who lost jobs most at Aramco. One source predicted that 500 people had been laid off. The job losses were similar actions took place each year and mostly based on performance.
In addition to plan to cut spending to cope with the slump in oil and gas demand which has hit global economies, Qatar Petroleum has also laid off foreigners. Meanwhile, the Kuwaiti oil minister said the country plans to stop hiring foreigners for its oil sector for a year.
