DUBAI—State oil giant Saudi Aramco will cut its spending this year due to the coronavirus pandemic, while it increases its dividend, the company said Sunday, as its share price continued to decline amid the Saudi regime’s price war with Russia. The company’s net profit for 2019 fell 21% to 330.69 billion riyals ($88.11 billion), down from 416.52 billion riyals ($111 billion) a year earlier. The decrease was due to lower crude prices and production cuts the Saudi government agreed to with the Organization of the Petroleum Exporting...

Source: Wall Street Journal March 15, 2020 08:26 UTC