Wed. May 29th, 2024

Saudi Aramco has halted its expansion of output capacity due to the growing role of renewables in the energy transition, according to Energy Minister Prince Abdulaziz bin Salman. The decision to focus on achieving a maximum sustained oil production capacity of 12 million barrels per day (mbbl/d) was announced in January 2024.

Saudi Arabia’s state-owned oil company Aramco has paused its expansion of output capacity due to the increasing influence of renewables in the energy transition, Saudi Energy Minister Prince Abdulaziz bin Salman said. The decision to halt the oil expansion plan and focus on reaching a maximum sustained oil production capacity of 12 million barrels per day (mbbl/d) was announced in January 2024. The minister stated that the decision was made after a thorough review of market conditions, and he stressed that the transition from an oil company to an energy company was in line with Saudi Arabia’s goals. Aramco’s CEO, Amin Nasser, added that the company still has spare capacity of about 3 million barrels if needed.

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