Saudi Arabia Halts Aramco's Oil Capacity Expansion Amid Energy Transition

Energy Minister cites shift towards renewables and comprehensive market review as key reasons for the decision.

Saudi Aramco's planned increase in production capacity to 13 million barrels a day by 2027 has been suspended.
The decision reflects Saudi Arabia's commitment to the energy transition, with investments shifting towards renewables and petrochemicals.
Energy Minister Prince Abdulaziz emphasizes the importance of adapting to market realities and future energy security concerns.
The halt aims to save billions in annual spending, potentially increasing dividends to the government amidst efforts to diversify the economy.
Saudi Arabia continues to lead OPEC efforts in managing oil supply to support the market and prevent surplus.