Saudi Arabia’s oil giant Aramco says it will not increase maximum daily production on state orders
Headline from WJTV Jackson
DUBAI, United Arab Emirates (AP) — 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.
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DUBAI, United Arab Emirates (AP) — 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.
Saudi Arabia has ordered energy giant Aramco to maintain its oil production capacity at 12 million barrels per day, abandoning a planned increase, the firm said on Tuesday.
The move may be simply a cost-cutting strategy, or it could be driven by a new, less optimistic outlook from the world's largest crude producer on future oil demand.
