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Saudi Arabia's temporary halt on its oil capacity expansion plans is because of the country's keen energy transition, as stated by the energy minister. On January 30, the Saudi Government ordered Aramco to halt its oil expansion plan and target a maximum sustained production capacity of 12 million bpd. The minister indicated that the kingdom has plenty of spare capacity to cushion the oil market. Saudi Arabia is aiming to reach net zero emissions by 2060, with Aramco targeting net zero emissions from its operations by 2050.

Saudi Arabia cites energy transition for oil capacity U-turn

Saudi Arabia’s temporary halt on its oil capacity expansion plans is because of the country’s keen energy transition, as stated by the energy minister. On January 30, the Saudi Government ordered Aramco to halt its oil expansion plan and target a maximum sustained production capacity of 12 million bpd. The minister indicated that the kingdom has plenty of spare capacity to cushion the oil market. Saudi Arabia is aiming to reach net zero emissions by 2060, with Aramco targeting net zero emissions from its operations by 2050.

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