Saudi Aramco to keep maximum oil production at 12m bbl/day
Fanny Zhang
30-Jan-2024
SINGAPORE (ICIS)–Saudi Arabia’s state-owned energy giant Aramco announced on Tuesday that it was asked to maintain its maximum sustainable capacity (MSC) at 12m bbl/day.
The directive came from the Ministry of Energy, noting that the world’s biggest crude exporter should “not to continue increasing its MSC” to 13m bbl/day, it said in a brief filing to the Saudi bourse.
The Saudi government had previously mandated Saudi Aramco to boost production capacity to 13m bbl/day by 2027.
No reason was provided for keeping Aramco’s MSC at current levels.
At 08:30 GMT, crude futures were mixed, with Brent down at $82.39/bbl and WTI up at $76.82/bbl.
On the Saudi bourse, Aramco was trading higher, up 0.32% at Saudi riyal (SR) 31.35/share .
Saudi Arabia is the de facto leader of oil cartel OPEC, which has reduced production in recent years to prevent oil prices from crashing amid an overall weakness in demand.
($1 = SR3.75)
Additional reporting by Pearl Bantillo
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