Current:Home > InvestSaudi Arabia’s oil giant Aramco says it will not increase maximum daily production on state orders-InfoLens
Saudi Arabia’s oil giant Aramco says it will not increase maximum daily production on state orders
View Date:2024-12-23 14:54:33
DUBAI, United Arab Emirates (AP) — Saudi Arabia’s oil giant Saudi Aramco said Tuesday it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving an order from the country’s Energy Ministry.
The firm, known formally as the Saudi Arabian Oil Co., said it would maintain its maximum output at 12 million barrels a day.
It did not give a reason for the decision. However, crude oil prices globally have fallen over recent months as demand has been soft.
Benchmark Brent crude traded Tuesday around $81 a barrel.
Aramco reported earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists worried about climate change.
veryGood! (351)
Related
- Today Reveals Hoda Kotb's Replacement
- Kate Hudson on her Glorious album
- Number of Americans applying for jobless claims remains historically low
- A list of mass killings in the United States this year
- Craig Melvin replacing Hoda Kotb as 'Today' show co-anchor with Savannah Guthrie
- Pentagon leaker Jack Teixeira to face military justice proceeding
- Erica Wheeler may lose her starting spot to Caitlin Clark. Why she's eager to help her.
- Kate Hudson on her Glorious album
- Celtics' Jaylen Brown calls Bucks' Giannis Antetokounmpo a 'child' over fake handshake
- Four players suspended after Brewers vs. Rays benches-clearing brawl
Ranking
- Wildfires burn on both coasts. Is climate change to blame?
- Critics question if longtime Democratic congressman from Georgia is too old for reelection
- Texas school board accepts separation agreement with superintendent over student banned from musical
- Earthquake reported in Corona, California area Wednesday afternoon measuring 4.1
- My Little Pony finally hits the Toy Hall of Fame, alongside Phase 10 and Transformers
- What is May's birthstone? A guide to the colorful gem and its symbolism
- Longtime Missouri basketball coach Norm Stewart entered into the Hall of Famous Missourians
- Jerry Seinfeld at 70: Comic gives keys to 24-year marriage at Netflix Is A Joke Festival
Recommendation
-
Armie Hammer Says His Mom Gifted Him a Vasectomy for His 38th Birthday
-
Duane Eddy, 'the first rock 'n' roll guitar god', dies at 86
-
EA Sports College Football 25 will have various broadcasters, Kirk Herbstreit confirms
-
2024 Kentucky Derby: Power ranking every horse in the field based on odds
-
Padma Lakshmi, John Boyega, Hunter Schafer star in Pirelli's 2025 calendar: See the photos
-
Grizzly bears coming back to Washington state as some decry return of 'apex predator'
-
Earthquakes measuring over 3.0 rattles Dallas-Fort Worth area Wednesday afternoon
-
Do Alec Baldwin and Hilaria Baldwin Want Baby No. 8? He Says...