According to a statement by the energy giant Aramco, Saudi Arabia has decided to maintain its oil production capacity at 12 million barrels per day (bpd) instead of increasing it to 13 million as previously planned.
The directive was issued by the Saudi Ministry of Energy, and Aramco will update its capital spending guidance when it announces its full-year 2023 results in March, the Saudi Press Agency (SPA) reported.
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Aramco’s profits play a crucial role in financing Crown Prince Mohammed bin Salman’s Vision 2030 program, which aims to diversify the economy and prepare for a future beyond oil.
In October 2021, Saudi Arabia announced its intention to increase production capacity.
Aramco has committed to achieving operational net-zero carbon emissions by 2050, but this target does not include the CO2 emissions resulting from the burning of Saudi oil by clients.
Saudi Arabia has been advocating for increased investment in fossil fuel production, citing the importance of addressing energy poverty in regions like Africa.
Despite the announcement, there is no immediate impact expected on production or exports.
Currently, Saudi Arabia’s daily output is around nine million bpd, significantly below its capacity of 12 million bpd, due to previous oil supply cuts implemented since October 2022.
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