Saudi Aramco said Tuesday it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving a directive from the Kingdom’s Energy Ministry.
Aramco said in a statement it would maintain its Maximum Sustainable Capacity (MSC) at 12 million barrels a day.
“It is to be noted that MSC is determined by the State pursuant to the Hydrocarbons Law, enacted by Royal Decree M/37, dated 12/20/2017. The Company will update its capital spending guidance when its full-year 2023 results are announced in March,” added the statement.