#Saudi Aramco is rethinking its global ambitions - CNN

Saudi Aramco is rethinking its global ambitions - CNN:

The coronavirus pandemic is upending the energy industry and pushing its top players to make big changes. That includes Saudi Aramco, the world's largest and most profitable oil producer.

The dramatic crash in prices this year is weighing on Saudi Arabia's state oil giant, which relies on pumping crude to generate the cash it needs to pay dividends to investors and finance a big chunk of government spending. 

Now, Aramco may be forced to do what was once unthinkable: abandon deals and sell assets. First on the block could be its plan to build a network of refineries in the world's biggest markets in a bid to extract more value from each barrel of crude it pumps.

Deals to get into the refining business in China and India — two of the world's biggest energy consumers — appear to have been put on hold in recent weeks. On Wednesday, media reports suggested that Aramco would also delay the expansion of a major refinery in the United States.