Saudi Aramco's decision to suspend plans for expanding oil-production capacity raises questions about the future of petroleum. The company's financial results for 2023 provide insight into their stance.
That is the question that in recent weeks has hung over Saudi Aramco . The desert kingdom’shas a central position in the world’s oil markets. Its market value of $2trn, five times that of the second-biggest oil firm, ExxonMobil, and its rich valuation relative to profits are predicated in large part on its bountiful reserves of crude and its peerless ability to tap them cheaply and, as oil goes, cleanly (see chart 1).
So Saudi Arabia’s energy ministry stunned many industry-watchers in January by suspending the firm’s long-trumpeted and costly plans for expanding oil-production capacity from 12m to 13m barrels per day (b/d). Was it proof that even the kingpin of oil had finally accepted thatTo get a hint of Aramco’s answer, all eyes turned to its financial results for 2023, reported on March 10th. No one expected a repeat of the year before, when high oil prices and surging demand propelled Aramco’s annual net profit to $161bn, the highest ever for any listed firm anywher
Saudi Aramco Petroleum Oil-Production Capacity Financial Results Future
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