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Monday, March 4, 2024

Aramco says it will not increase oil production beyond 12m barrels per day

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Saudi Arabia’s oil giant Saudi Aramco said on Tuesday that 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 Company, 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.

Benchmark Brent crude traded on Tuesday at about 81 US dollars (£63) a barrel.

Aramco reported earning 161 billion dollars (£126 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.

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