RIYADH: Saudi Aramco announced on Jan. 30 that it will maintain its maximum sustainable capacity at 12 million barrels per day, following the directive from the Ministry of Energy.
The oil giant has emphasized its commitment to this directive, choosing not to further increase the MSC to 13 million barrels per day, as stated in a press release.
The determination of the MSC aligns with the regulations set forth by the state, as outlined in the Hydrocarbons Law through Royal Decree M/37, dated Dec. 20, 2017, the release added.
Saudi Aramco plans to update its capital spending guidance when revealing its full-year 2023 results in March.
Amin Nasser, CEO of Aramco, mentioned in October 2023 at the Energy Intelligence Forum that the company has the capability to increase oil production capacity “in a couple of weeks” in response to the rising global demand.
The petroleum refineries company has reported an 8.31 percent increase in net profit in the third quarter of 2023, reaching SR122.19 billion ($32.6 billion) compared to the previous three months.
This increase was primarily driven by higher crude oil prices and improved refining margins.
Aramco disclosed in a statement that its operational profit for the third quarter of 2023 rose by 10.3 percent compared to the previous three-month period to reach $62.50 billion.
On an annual basis, net profit was 23 percent down compared to the third quarter of 2022 due to lower crude oil prices and reduced sales volumes, although this slightly exceeded analysts’ expectations.
Additionally, Aramco’s net profit of $94.54 billion for the first nine months of 2023 represented a 27.46 percent decrease compared to the same period of the previous year.
The energy company noted that its operational and cash flow performance was primarily influenced by market prices and the sales volume of hydrocarbons, refined products, and chemicals.
Ongoing economic uncertainty led to reduced prices for hydrocarbons and narrower margins in refining and chemicals when compared to the same period in 2022.
Source: Arab News
