Saudi Aramco requested to cut max capacity target back to 12 mbpd

Saudi Aramco said on Tuesday it was directed to lower its planned maximum sustainable oil production capacity from 13 million barrels per day (bpd) to 12 million bpd, a source with direct knowledge of the matter told Reuters.

The Saudi Energy Ministry had called the oil giant in March 2020 to boost its maximum output to 13 million bpd, during a market share dispute with Russia at the time. In May 2020, however, Riyadh and Moscow went back to working together on production levels through the Organization of the Petroleum Exporting Countries (OPEC+), which is still in charge of coordinating output and is led by Saudi Arabia and its allies led by Russia.