Saudi Aramco not increasing oil production on state orders | Inquirer Business

Saudi Aramco not increasing oil production on state orders

/ 04:47 PM January 30, 2024

Saudi Aramco not increasing oil production on state orders

Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021.  (AP Photo/Amr Nabil, File)

DUBAI, United Arab Emirates  — Saudi Arabia’s oil giant Saudi Aramco said Tuesday it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving an order from the country’s Energy Ministry.

The firm, known formally as the Saudi Arabian Oil Co., said it would maintain its maximum output at 12 million barrels a day.


It did not give a reason for the decision. However, crude oil prices globally have fallen over recent months as demand has been soft.


READ: Oil falls on doubts OPEC+ will make further cuts

Benchmark Brent crude traded Tuesday around $81 a barrel.

Aramco reported earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists worried about climate change.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: oil output, Saudi Aramco

© Copyright 1997-2024 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.