Latest news with #sustainablecapacity
Bloomberg
6 days ago
- Business
- Bloomberg
Saudi Oil Rig Decline Due to Completion of Projects, Says Aramco
The number of active oil rigs in Saudi Arabia fell after several oil-field projects aimed at maintaining production capacity were completed, said Aramco Chief Executive Officer Amin Nasser. Another factor was the kingdom's decision in January 2024 to maintain its maximum sustainable capacity, or MSC, at 12 million barrels a day, scrapping plans to boost it to 13 million barrels a day, Nasser said.
Times of Oman
29-05-2025
- Business
- Times of Oman
Opec+ agree to establish mechanism setting production baselines
London: The Opec+ alliance, in its 39th ministerial meeting, agreed to establish a mechanism to assess maximum sustainable production capacity, which will serve as a reference for production levels in the year 2027, while maintaining current production levels through the end of December 2026. Opec+ has been discussing new baseline production levels for years. These baselines are used by each member to determine any adjustments in output, either increases or cuts. In a statement following the meeting, the alliance said that the Opec Secretariat has been tasked with developing a mechanism to evaluate the maximum sustainable production capacity for participating countries. This assessment will be used as the basis for determining 2027 production levels for all nations party to the Declaration of Cooperation, signed on 10 December 2016, which has consistently been reaffirmed as the methodology for regulating output and enhancing market stability. The meeting also decided to maintain the total crude oil production level for both Opec members and non-Opec producers participating in the Declaration of Cooperation until 31 December 2026.
