In Shocking Reversal, Saudi State Unexpectedly Orders Aramco To Drop Oil Capacity Expansion Plans [zero hedge]
Borr Drilling Limited Common Shares (BORR)
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Source: zero hedge
In Shocking Reversal, Saudi State Unexpectedly Orders Aramco To Drop Oil Capacity Expansion Plans Oil traders were stunned this morning, when - in a huge reversal to its prior plans - the Saudi state ordered Aramco to stop work on expanding its maximum sustainable capacity to 13 million barrels daily, instead keeping it at 12 million bpd, ensuring that peak capacity will remain lower than projected rising demand for years to come, effectively pressuring oil prices much higher over the long run (unless of course the world figures out cold fusion in the next few years). The company said in a statement today that its maximum sustainable capacity is determined by the state under a law from 2017. Aramco added that it would update its capital spending plans for the year in accordance with the new government directive in March when it announces its 2023 financial results. Saudi Arabia currently has capacity for 12 million and is producing about 9 million a day, after it curbed output as part
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News
- Borr Drilling Limited - Contracting UpdatePR Newswire
- Valaris drilling rig suspended in Saudi Arabia [Seeking Alpha]Seeking Alpha
- Borr Drilling sinks as rig suspends operations in Saudi Arabia [Seeking Alpha]Seeking Alpha
- Borr Drilling Limited - Contracting update [Yahoo! Finance]Yahoo! Finance
- Borr Drilling Limited - Contracting updatePR Newswire
BORR
Analyst Actions
- 2/23/24 - Evercore ISI Group
BORR
Sec Filings
- 4/9/24 - Form 6-K
- 4/4/24 - Form 6-K
- 3/27/24 - Form 20-F
- BORR's page on the SEC website