The government of Saudi Arabia has ordered oil giant Aramco to cap its oil production at 12 million barrels per day, the world's largest oil producer announced on Tuesday.

Aramco said it received a government directive to keep its Maximum Sustainable Capacity (MSC) at 12 million barrels per day as it was working to increase it to 13 million barrels per day.  MSC is the average number of barrels per day of crude oil that can be produced in one year.

The state-controlled company didn't disclose the reasons behind the Ministry of Energy's decision but said it will update its capital spending guidance when it publishes its full-year 2023 results in March. Aramco ha🌜s a strategic pl✱an to increase its oil production to 13 million barrels per day by 2027.

澳洲幸运5官方开奖结果体彩网:Aramco raised $29.4 billion in a record initial public offering in 2019 and its large oil output is a key reason why 澳洲幸运5官方开奖结果体彩网:Saudi Arabia is so dominant in the 澳洲幸运5官方开奖结果体彩网:Organization of the ♎Petroleum Exporting Countries. Still, over the years, the U.S. has caught up and 澳洲幸运5官方开奖结果体彩网:topped the list of 💖🧸the world's oil producers.

Aramco's output limit also follows a slowing in oil demand growth last year to prepandemic levels. The International Energy Agency also said in its monthly report that growth is projected to ease to 1.2 million barrels a day in 2024 from 2.3 million barrels a day last year.