Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Tuesday, January 30th. I'm Julie Morgan. Saudi Arabia will maintain its oil production

capacity instead of boosting it. Northrop Grumman enters into a $1 billion

accelerated stock buyback agreement and a md is in our earnings

watch for the day with a i tell winds expected in 2024

Saudi Arabia has ordered state-owned a RAM code to maintain its oil production capacity.

This marks a major reversal from its plan to boost capacity.

The country's Ministry of Energy ordered the world's largest

oil producer to maintain its maximum sustainable capacity at 12 million barrels a day.

The Saudis are currently producing 9 million barrels a day, well below its capacity of 12 million, on account of output cuts that began towards the end of 2022.

A Ramco had been aiming to expand its maximum capacity to 13 million barrels a day by 2027, as it expected

energy demand to increase over the mid to long term.

Aramco said in a statement that the company will update its capital spending guidance

when its 2023 results are announced in March.

And the founder of Vanda Insights said that this is the clearest

sign yet that the kingdom is moderating its expectations of global oil demand

growth in the coming years.

Northrop Grumman is up 0.7% in pre-market action.

This happening after the company said it entered into an accelerated share repurchase agreement with Morgan Stanley to buy back $1 billion of common stock.

NOC said it expects to receive 1.8 million shares on January 31st, which represents 80% of the buybacks under the repurchase deal

based on Monday's closing price of $438.31. The ASR will be completed under the company's current share repurchase

authorization, which has $3.6 billion remaining. Northrop, which expects the buybacks to be completed no later than Q2, said it continues

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