Saudi Arabia's government directs Aramco to limit refining capacity to 12 million barrels a day

Saudi Arabia, which has been maintaining a spare oil capacity for decades, thereby providing a cushion in case of major disruptions to global output, including those caused by conflict or natural disasters. Aramco has been following a policy attuned to the market, even as it had its base in sustainable oil production. The company said the decision to lower refining target in no way reflected a change of view on future oil demand.