Saudi Arabia has abandoned its plan to increase oil production. Aramco ordered to maintain its capacity at 12 million barrels a day and not increase it to 13 million.
“Aramco announces that it has received a directive from the Ministry of Energy to maintaining its maximum sustainable capacity (MSC) at 12m barrels per day,” it said in a statement. The Saudi state oil company itself announced that it would not increase its capacity from 12m to 13m barrels each day.