Saudi Arabia has abandoned its plan to increase oil production and ordered Aramco to maintain its capacity at 12 million barrels a day and not increase it to 13 million, the Saudi state oil company itself announced.
“Aramco announces that it has received a directive from the Ministry of Energy to maintain its maximum sustainable capacity (MSC) at 12 million barrels per day,” rather than increasing it, it said in a statement.
Aramco "will update its indications on capital spending when the annual results for the whole of 2023 arrive in March", writes the oil giant.
The 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) which goes under the name of Vision 2030 and which has as its main focus the construction of a "post-oil future" for the country.
Today's announcement, according to analysts, will have no immediate effect on production or exports.After a series of reductions starting in October 2022, 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.
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