The decision of Saudi Arabia to abandon plans to expand its crude oil production capacity is a result of the energy transition, Saudi Energy Minister, Prince Abdulaziz bin Salman, said on Monday. At the end of last month, Saudi Arabia surprised the oil market by announcing a shift in production capacity strategy. State oil giant Aramco said it was ordered by the Kingdom’s leadership to stop work on expanding its maximum sustainable capacity to 13 million barrels per day, instead keeping it at 12 million bpd. The world’s…
