By Will Feuer


Shares of Schlumberger and other oilfield-service providers fell after Saudi Arabian Oil Co., known as Aramco, said the Saudi government ordered it not to ramp up its oil production capacity.

Schlumberger stock slipped 10% to $48.11, leading shares of rivals such as Halliburton down as well. Shares of Halliburton slipped 4% while Baker Hughes stock fell 5%.

Aramco said in a statement that it received a directive from the Saudi Ministry of Energy to maintain its maximum sustainable capacity at 12 million barrels per day. The company said it had been working to increase its production capacity to 13 million barrels a day.


Write to Will Feuer at Will.Feuer@wsj.com


(END) Dow Jones Newswires

01-30-24 1103ET