That Aramco produces more oil than any other company will surprise nobody, but the firm’s bond prospectus reveals new details including capacity losses at Ghawar, the extent to which it utilizes infrastructure flexibility, and a weakening gas-oil production linkage.

The much-anticipated bond prospectus released this week by state-giant Saudi Aramco has fuelled headlines around the globe. Figures such as last year’s huge $111bn profit have generated most of the fervor. But,...