In a development that could have wider implications for the oil market, Saudi Arabia’s state-owned Aramco has suspended its plan to boost its maximum crude production capacity. The decision comes against the backdrop of a shifting global landscape, with increasing concerns about the future of oil demand. What Happened: On Tuesday, Aramco announced its decision to halt plans to increase crude production capacity from 12 million barrels per day to 13 million barrels per day, as per a CNBC report. The decision marks a significant shift from the directive received years ago and after billions of d…

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