Saudi Aramco, the Saudi Arabian oil giant, has received instructions from the Ministry of Energy to sustain its maximum sustainable production capacity at 12 million barrels per day and refrain from further increasing it to 13 million barrels per day.
In November, the company had announced plans to reach a production capacity of 13 million barrels by 2027, driven by the ongoing demand for oil in China and India.
According to a statement on the “Tadawul” website, Saudi Aramco will update its capital expenditure guidance once the 2023 results are disclosed in March.
It’s important to note that the maximum sustainable production capacity is determined by the Saudi government, as per the Hydrocarbon Law issued by Royal Decree No. (M/37) on 20 December 2017.
Saudi Aramco reported a net profit of 354.5 billion Saudi riyals for the first nine months of 2023, a decrease of approximately 27.5%, attributed to a 21% drop in revenues during the same period, totaling 1.2 trillion Saudi riyals.
