Saudi Arabia abandons plans to increase its oil production capacity

The Saudi Arabian government has asked the national oil company ARAMCO to abandon its plans to increase its production capacity by 12 to 13 million barrels per day by 2027. The Saudi government has not given any reasons for its decision. It is likely that the current situation of overcapacity (Saudi Arabia is currently only producing at 75% of its capacity) does not justify, in the eyes of the government, increasing the country's production capacity any further.