Saudi Aramco to renegotiate some contracts on low oil price

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 on Tuesday, stressing the top crude exporter will not single handedly balance the global oil market.

Brent crude oil has slid nearly 60 percent since June on ample global supplies and OPEC's decision to keep its production ceiling unchanged. On Tuesday, Brent settled up $1.44 at $49.60 a barrel.