London/Dubai — Saudi Aramco has reshuffled its senior management and created a division focused on “portfolio optimisation” as the world’s biggest oil producer adapts to low crude prices and seeks new ways to raise cash.

The Saudi state energy company has appointed senior vice-president Abdulaziz al-Gudaimi to lead a new team that will “assess existing assets” and boost access to “growth markets”, it said on Sunday. He will report to CEO Amin Nasser and start in his new role on September 13...

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