Saudi Arabia gives up on increasing oil production. Current Saudi daily production stands at around 9 million barrels, far below its capacity of 12 million and obviously the increase to 13 million, now suspended.
Saudi monarchy, currently the world's largest oil producer, is counting heavily on oil profits to finance the complex plan of economic and social reforms announced by Crown Prince Mohammed bin Salman (Mbs) Aramco "will update its indications on capital spending when the annual results for the whole of 2023 arrive in March", writes the oil giant.