"Saudi Arabia Halts Oil Capacity Expansion Due to Energy Transition"

Saudi Arabia's energy minister cited the energy transition as the reason for the kingdom's U-turn on its oil capacity expansion plans, stating that there is a "huge cushion" of spare capacity to cushion the oil market. The state oil company Aramco remains ready to raise capacity if needed, with about 3 million barrels of spare capacity. The minister criticized the International Energy Agency's decision to release oil from emergency reserves to cool global prices and downplayed suggestions that oil demand will peak soon. Additionally, the possibility of a further offering of Aramco shares this year remains a "shareholder decision."