# Saudi Arabia orders Aramco to lower oil capacity target

> Saudi Arabia has ordered Aramco to lower its oil production capacity target. The change affects projects without final investment decisions, including the 700,000 bpd Safaniya project.

- Date: 2024-01-30 · published 2024-01-30T12:00:00.000Z
- Category: policy · region Saudi Arabia · magnitude low
- Page: https://feedsoft.ai/events/32032-saudi-arabia-orders-aramco-to-lower-oil-capacity-target
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A lower capacity ceiling reduces expected long-term supply growth from a major producer, which modestly supports crude prices over time.

## Read by commodity

- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-10-04 | [Saudi Arabia, Russia to continue voluntary oil cuts \| Reuters](https://feedsoft.ai/events/33520-saudi-arabia-russia-to-continue-voluntary-oil-cuts-reuters.md) | -3.8% | -6.0% |
| BRENT | 2019-04-01 | [Saudi Arabia to Extend Deep Oil Output Cuts Into April](https://feedsoft.ai/events/60021-saudi-arabia-to-extend-deep-oil-output-cuts-into-april.md) | +2.9% | +5.1% |
| BRENT | 2023-06-05 | [Saudi Arabia's 'icing on the cake' oil cut could feed US producers](https://feedsoft.ai/events/35400-saudi-arabia-s-icing-on-the-cake-oil-cut-could-feed-us-producers.md) | -1.7% | -1.8% |
| BRENT | 2023-09-05 | [Saudi Arabia, Russia extend oil production cuts to end of year](https://feedsoft.ai/events/34026-saudi-arabia-russia-extend-oil-production-cuts-to-end-of-year.md) | +2.0% | +1.7% |
| BRENT | 2021-01-05 | [Saudi Arabia to Cut Oil Production Sharply in Bid to Lift Prices - WSJ](https://feedsoft.ai/events/49053-saudi-arabia-to-cut-oil-production-sharply-in-bid-to-lift-prices-wsj.md) | +8.9% | +11.2% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/saudi-aramco-says-it-will-cut-planned-maximum-capacity-12-mln-bpd-2024-01-30/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.