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Saudis direct Aramco to halt expansion of oil production capacity; to maintain at 12 MMBD

Aramco announced that it has received a directive from the Saudi Ministry of Energy to maintain Maximum Sustainable Capacity (MSC) at 12 million barrels per day (MMBD), and not to continue increasing MSC to 13 MMBD.

This is a reversal from April 2020, when the Ministry of Energy directed Aramco to increase MSC from 12 million barrels per day (MMBD) to 13 MMBD. Aramco was targeting reaching 13 MMBD by 2027.

MSC is determined by the State pursuant to the Hydrocarbons Law, enacted by Royal Decree M/37, dated 12/20/2017.

Aramco said it will update its capital spending guidance when the company announces full-year 2023 results in March.


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