Saudi Arabia's oil giant Aramco says it will not increase maximum daily production on state orders
Saudi Arabia’s oil giant Saudi Aramco says 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
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.
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.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.