The Saudi Arabian Oil Group, also known as Aramco, announced on Tuesday that the Kingdom's Energy Ministry ordered it to keep its maximum sustainable capacity (MSC) at 12 million barrels per day (bpd) and not raise it as planned to 13 million bpd.
"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," Aramco said in a written statement.
Back in November, Saudi Arabia extended its voluntary oil production cut of 1 million bpd until the end of March 2024 in an effort to contribute to stability in the global energy market.
