Saudi Minister: The Kingdom Has Abundant Surplus Energy for Oil Production

Saudi Energy Minister Prince Abdulaziz bin Salman announced on Monday that the Kingdom has a lot of surplus energy for oil production. Speaking at the International Petroleum Technology Conference in Dhahran, he stated, "We are ready to adjust, whether to increase or decrease, at any time, regardless of market demands." On January 30, the Saudi government instructed the state-owned oil giant Aramco to halt its plan to raise oil production capacity, targeting a sustainable maximum production capacity of 12 million barrels per day, which is one million barrels per day less than the target announced in 2020. Prince Abdulaziz said, "I believe we have postponed this investment because we are simply witnessing a transition," adding that Aramco has other investments to implement, including investments in oil, gas, petrochemicals, and renewable energy.