Saudi Aramco ordered to halt project to boost oil output capacity
Saudi Aramco said it had been asked by the government to stop raising its oil production capacity to 13 million barrels a day and maintain it at 12 million instead, raising questions about the kingdom’s views on future oil demand.
The surprise move comes just months after the world’s biggest oil producer had said it was spending billions of dollars to raise capacity to the higher level by 2027 as demand in China and India continues to grow. Saudi Arabia is currently producing about 9 million barrels a day, curbing output as part of OPEC+ efforts to revive the global oil market and prevent a surplus.
