The Financial Post reports in its Wednesday edition that Saudi Aramco announced a first-ever share buyback of $3-billion (U.S.) and raised its dividend. A Bloomberg dispatch to the Post reports that the Middle East's biggest oil producer said Tuesday it is cutting output by as much as 2.5 million barrels a day, as it rushes to reroute supplies with the Strait of Hormuz at a near standstill. Aramco has also been forced to shut down Saudi Arabia's biggest oil refinery. Chief executive officer Amin Nasser declined to disclose production levels but said that Aramco was "not utilizing for the time being" some of its heavier oil grades. Mr. Nasser said: "There would be catastrophic consequences for the world's oil market the longer the disruption goes on, and the more drastic the consequences for the global economy. While we have faced disruptions in the past, this one by far is the biggest crisis the region's oil and gas industry has faced." Aramco will repurchase shares over the next 18 months and said that dividend for the fourth quarter will rise 3.5 per cent compared with the preceding three months. The higher payout will benefit the Saudi government and the sovereign wealth fund.