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The Guardian - UK
The Guardian - UK
Business
Jillian Ambrose

Saudi Arabia surprises oil markets by ditching plan to increase production

Oil Saudi Arabia Joe Biden Aramco OPEC
Aramco's oil field in the Empty Quarter, Shaybah, Saudi Arabia.
Aramco's oil field in the Empty Quarter, Shaybah, Saudi Arabia. Photograph: Hamad I Mohammed/Reuters

Saudi Arabia has cast doubt on the future of the global oil market after abandoning plans to grow its crude production capacity by 1m barrels a day.

The world’s biggest exporter signalled a big change in policy by ordering the state oil company, Saudi Aramco, to drop plans to expand its maximum production capacity to 13m barrels a day by 2027.

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