Aramco’s Capacity Halt Is Due to Energy Shift, Minister Says
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Saudi Aramco’s decision to halt an expansion of its output capacity is because of the energy transition, Energy Minister Prince Abdulaziz bin Salman said.
The company surprised the oil industry last month by announcing it won’t proceed with plans to bolster production capacity by about 8% to 13 million barrels a day by 2027. The prince characterized the move as a postponement, and said Saudi Arabia continuously reviews its decisions to ensure stable energy markets.