DEal slowdown
Aramco, ADNOC cutting back on M&A amid decline in oil prices
With oil sliding to $67 a barrel, both companies are looking at ways to cut spending and curb their appetites for multibillion-dollar acquisitions
Beata Zawrzel/NurPhoto via Getty Images
ADNOC service station in the UAE
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The Gulf’s largest state-owned oil companies are adapting to lower crude prices in the foreseeable future by cutting back on multibillion-dollar acquisitions and selling assets.
Both Saudi Aramco, the world’s largest petroleum exporter, and Abu Dhabi-based ADNOC have slowed...