The Saudi government on 30 January ordered state oil company Aramco to halt its oil expansion plan and target maximum sustained production capacity of 12 million barrels per day (bpd), 1 million bpd below a target announced in 2020 and set to be reached in 2027.
"I think we postponed this investment simply because... we're transitioning," Prince Abdulaziz bin Salman said at the IPTC petroleum technology conference in Dharan, adding that Aramco has other investments to make in areas including oil, gas, petrochemicals and renewables.
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