Saudi Aramco halts plan to raise production capacity to 13 million bpd

Saudi Aramco halts plan to raise production capacity to 13 million bpd

Saudi Gazette report RIYADH — Saudi Aramco announced on Tuesday that it has received a directive from the Ministry of Energy to maintain its Maximum Sustainable Capacity (MSC) level at 12 million barrels per day (bpd). The Ministry of Energy directed Aramco not to continue raising the maximum sustainable production capacity to the level of 13 million bpd.The oil giant said in a statement posted on the Saudi Stock Exchange (Tadawul) website that the level of maximum sustainable production capacity is determined by the state pursuant to the Hydrocarbons Law, enacted by a royal decree, issued on December 20, 2017.Aramco said that it will work to update its capital spending guidance when its full-year 2023 results are announced in March 2024.
Saudi Aramco halts plan to raise production capacity to 13 million bpd