The majority of Saudi Aramco's capital spending will be focused on the upstream sector for oil and gas, CEO Amin Nasser said on Monday in a post earnings' webcast.

Aramco announced on Sunday it would boost its capital expenditure (capex) to $40-50 billion this year, with further growth expected until around the middle of the decade.

Capex was $31.9 billion last year, up 18% from 2020 - indicating an increase of about 50% for this year at the middle of the guidance range.