Aramco Won't Increase Oil Production Despite Government Order

Jan 30, 2024 15:34

Saudi Aramco has declined to increase its oil production despite an order from the Energy Ministry, citing no reason. This decision comes as oil prices have fallen in recent months due to soft demand.

Dubai, Jan 30 (AP) Saudi Arabia's oil giant Saudi Aramco said on 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 USD 81 a barrel.

Aramco reported earning USD 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.

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Aramco Won't Increase Oil Production Despite Government Order

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