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.

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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.