SAUDI energy giant Aramco’s plan to boost its oil production capacity to 13-M barrels per day will not materialize as planned.
The Ministry of Energy ordered the oil giant to maintain its maximum sustainable capacity at 12-M barrels per day.
The surprise move was announced after the oil-rich nation announced in November that a multibillion-dollar project to boost capacity to 13-M barrels a day by 2027 is progressing very well.
Saudi Arabia is the world’s largest oil exporter and is known for its massive oil reserves.
It can influence oil prices in the global market through its production decisions.
