Riyadh: The Kingdom of Saudi Arabia’s oil giant Aramco has announced that it will maintain its maximum sustainable capacity (MSC) at 12 million barrels per day (bpd), following the directive from the Ministry of Energy (MoE).
In a statement, on Tuesday, January 30, Aramco said that it would not continue to raise the maximum sustainable production capacity to the level of 13 million barrels per day.
It indicated that the level of maximum sustainable production capacity is determined by the state in accordance with the hydrocarbons system issued by Royal Decree No. (M/37), December 20, 2017, the Saudi Press Agency (SPA) reported.
Aramco will update the “guidance” for capital spending when 2023 results are announced in March.
In 2020, the Saudi Ministry of Energy instructed Aramco to embark on a multi-year, multi-billion-dollar program to increase its maximum production capacity to 13 million barrels by 2027.
Saudi Arabia is the largest exporter of crude oil in the world, with a daily average exceeding 7.5 million barrels under normal conditions, and the second largest producer after the United States (US), with a daily average of 11 million barrels, under normal conditions as well.
