Saudi Arabia's Downstream Projects Market Enters Lean Period Amid Reduced Spending

Saudi Arabia's downstream oil and gas projects market is entering a lean period after a significant investment push in the previous decade. Major players Saudi Aramco and Sabic are expected to rein in their large-scale capital expenditure commitments.

The kingdom had invested heavily in downstream projects earlier this decade, driven by efforts to diversify its economy beyond oil exports. However, with the current market conditions, it appears that these companies are now looking to scale back their spending on such projects.