Energy and transition economics
2026-04-26
9 minute read
5 sources
Saudi Aramco capex trajectory 2026: oil, gas, downstream, and the Vision 2030 reset
Aramco's revised capital plan reflects a new equilibrium between oil maintenance, gas growth, and petrochemicals integration as Riyadh recalibrates Vision 2030 ambitions against a softer crude price deck.
Saudi Aramco enters 2026 with a capex envelope reshaped by the January 2024 directive to halt expansion of maximum sustainable capacity at 12 million barrels per day, down from the prior 13 mbd target. The reallocation channels roughly 48 to 58 billion dollars per year into upstream maintenance, the Jafurah unconventional gas megaproject,...