Saudi Arabia plans to reduce its long-term oil production capacity expansion was due to energy transition, Reuters reported citing Saudi Arabia’s energy minister on Monday.
“We are ready to tweak up or downward at any time, whatever market necessity dictates.” Prince Abdulaziz bin Salman stated During the IPTC petroleum technology conference in Dharan.
On January 30, the Saudi Arabian government gave state oil company Aramco an order to stop expanding its oil production and to maintain its maximum sustained production capacity of 12 million barrels per day (bpd), which is one million barrels per day less than the targeted amount in 2027.
Prince Abdulaziz stated, “I think we postponed this investment simply because… we’re transitioning,” adding that Aramco still needed to make investments in petrochemicals, renewable energy, oil, and gas.
