Aramco did not say when that capacity increase
would happen, according to Wednesday’s
announcement on the Saudi Tadawul stock
exchange. Late last year, the company floated
1.7% of its shares on the Tadawul, raising nearly
$30 billion in the largest IPO in history.
Aramco said the decision was a directive from
the Saudi Energy Ministry. The kingdom’s energy
policy is largely directed by Crown Prince
Mohammed bin Salman and the country’s
Energy Minister Prince Abdulaziz bin Salman.
The two are half-brothers and sons of the king.
Saudi Arabia has been producing around 9.8
million barrels per day, carrying the bulk of cuts
that were agreed upon by OPEC members and
other major oil producers, namely Russia, to
stave off an oversupply in the market that would
further push prices down.