"Saudi Aramco's Production Plans Altered by Government Directive"

Saudi Aramco has scrapped its plan to increase oil output capacity to 13 million barrels a day by 2027, signaling a shift in the kingdom's view on future demand. The decision, ordered by the Saudi government, will impact global oil supply expectations and may indicate a moderation in Saudi Arabia's expectations of oil demand growth. The move comes as the company focuses on expanding in natural gas, chemicals, and renewables, while also facing increased dividend payments to the government and funding requirements for economic diversification projects.