Saudi Aramco Halts Expansion Plans Amid Global Oil Demand Uncertainty

The decision, ordered by the Saudi government, could reflect moderated expectations of global oil demand growth and free up funds for ambitious development plans.

Saudi Arabia's state-owned oil company, Aramco, has halted plans to increase its maximum oil production capacity from 12 million barrels per day to 13 million.
The decision, ordered by the Saudi government, has raised questions about the future of global oil demand.
Analysts suggest the move could reflect the kingdom's moderated expectations of global oil demand growth in the coming years.
The decision could also free up funds for the Saudi government's ambitious development plans, including expansion in natural gas, chemicals, and renewables.
The halt in expansion does not mean an immediate drop in oil volumes, as Aramco is currently producing about 3 million barrels a day less than its maximum capacity.