RIYADH: Saudi Arabia has ordered energy giant Aramco to maintain its oil production capacity at 12 million barrels per day, abandoning a planned increase, the firm said on Tuesday.

“Aramco announces that it has received a directive from the ministry of energy to maintain its maximum sustainable capacity (MSC) at 12 million barrels per day” instead of ramping it up to 13 million bpd, the firm said in a statement.

“The company will update its capital spending guidance when its full-year 2023 results are announced in March.”

Saudi Arabia is the world’s largest crude exporter and Aramco is the jewel of the Gulf kingdom’s economy.

Aramco’s profits are expected to finance Crown Prince Mohammed bin Salman’s sweeping economic and social reform programme known as Vision 2030, which aims to lay the groundwork for an eventual post-oil future.