Saudi Arabia has given up on its plan to increase oil production to 12 million barrels a day. The announcement will have no immediate effects on production or exports.
The Saudi monarchy relies heavily on oil profits to finance its Vision 2030 plan. The country's daily production stands at around 9 million barrels, far below its capacity of 12 million and obviously the now suspended increase to 13 million. The Kingdom's Vision 2030 is a plan to build a "post-oil future" for the country. For more information on Vision 2030, go to: www.vision 2030.org.