ROME – Il Saudi oil giant Aramco, controlled by the state, has suspended its plans to expand oil production due to the green transition. Officially said so Energy Minister Abdulaziz bin Salmanunderlining that the The future of energy security lies in renewable energy.
The transaction is underway
“I think we postponed this investment simply because we are transitioning. And the transition means that our company too, which was an oil company, has become a hydrocarbon company. Now it is becoming an energy company“, the Saudi prince said during a question-and-answer panel at the International Petroleum Technology Conference in Dhahran, noting that Aramco has investments in oil, gas, petrochemicals and renewable energy.
The January stop
On January 30, the Saudi Energy Ministry has surprised the markets with a directive ordering Aramco, to halt plans to increase maximum crude oil production capacity from 12 million barrels per day to 13 million barrels per day by 2027. The ministry did not reveal the reason for its decision at the time, raising questions about any Saudi concerns about the future of oil demand in the context of the energy transition .