Aramco Refuses State Orders to Boost Daily Oil Production

Saudi Aramco, the leading oil company in Saudi Arabia, announced on Tuesday that it will maintain its oil production capacity at 12 million barrels per day, not increasing it to 13 million as previously considered. This decision follows a directive from Saudi Arabia’s Energy Ministry.

Officially known as the Saudi Arabian Oil Co., Aramco did not provide specific reasons for not raising its production capacity. However, the global oil market has seen a decline in crude oil prices recently, attributed to reduced demand.

On Tuesday, Brent crude, a major benchmark for oil prices, was trading around $81 per barrel.

In a related report, Aramco disclosed its earnings for the previous year, totaling $161 billion. This figure represents the highest annual profit ever recorded by a publicly listed company. However, the company’s financial success has sparked concern among climate change activists.