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Saudi Arabia’s Decision to Halt Oil Capacity Expansion Was Mulled for Months ...Middle East
Saudi Arabia may have surprised markets by announcing it would ditch its plan to raise oil production capacity to 13 million barrels per day (bpd), but the decision was being deliberated for at least six months due to concerns that the world’s top crude exporter wasn’t fully monetizing its excess capacity, Reuters reported on Wednesday, quoting an industry source. On Tuesday, Saudi state oil giant Aramco said it was ordered by the Kingdom’s leadership to stop work on expanding its maximum sustainable capacity to…
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