RIYADH: Saudi Aramco will renegotiate some contracts and postpone some projects due to falling oil prices, the head of Saudi Arabia's state oil company said yesterday, stressing the top crude exporter will not single handedly balance the global oil market.
Saudi Arabia in November refused to cut its output to arrest the price slide and decided to focus on market share.
Saudi Aramco chief executive Khalid Al Falih, speaking at a conference in Riyadh, did not specify which projects or contracts would be affected by the low oil prices.
'We will have to adjust to the realities of today. We will push some projects into the future, we will stretch some of them, we will renegotiate some contracts,' Falih said.
'I think we got spoiled with $100 oil and we were focused on building capacity and we lost focus on fiscal discipline.'
Reuters reported last week that Aramco had asked oilfield service companies for discounts in the wake of the oil price slide.
Falih said the imbalance in the oil market had nothing to do with Saudi Arabia, and a fair price is what would ultimately balance supply and demand.
Asked what a fair price for oil is, he said: 'It will be the price that ultimately balances supply and demand. I don't think anybody, no single person, can dictate what that price is. I would be foolish if I did that.'