Saudi Arabia announces rise in oil reserves

11 Janvier, 2019, 00:56 | Auteur: Auguste Feret
  • Saudi Arabia's Oil Minister Khalid al Falih addresses a news conference after an Opec meeting in Vienna

Saudi Arabia's reserves of easily recoverable oil have always been the world's largest.

Opec kingpin Saudi Arabia will slash its oil exports in January by 10 per cent compared to November, its energy minister said Wednesday as producers move to shore up tumbling prices.

Aramco's bond sale will probably be in USA dollars, Bloomberg quoted Saudi Energy Minister Khalid al-Falih as saying at a presentation of the plan in Riyadh.

"The results point out that the kingdom's reserves of oil and gas are bigger than what we have been announcing", Saudi Energy Minister Khalid al-Falih told a news conference in Riyadh.

Falih said Saudi production had fallen to 10.2 million bpd, down from the roughly 11 million bpd it was pumping when oil producers chose to end a production cut deal in May.

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"We will work with our advisers and find the right time to go to market and part of that would be a prospectus that would have appropriate financial statements and disclosures", al-Falih said, commenting on the plans for the bond sale. But prices have partially rebounded in the past few days after a new deal, in which Opec and non-Opec oil producers agreed to trim output by 1.2 million bpd, came into effect in January.

Saudi Arabia's reserves of easily recoverable oil have always been the world's largest.

With the calculation of the share of the joint field with Kuwait, the oil reserve makes up 266 billion barrels.

Following the certification, Saudi Aramco's concession area oil reserves at year-end 2017 would have been 2.2 billion barrels higher or 263.2 billion barrels of oil and 319.5 trillion standard cubic feet of gas.

Natural gas reserves also grew from 302.3 trillion cubic feet (8.56 trillion cubic metres) to 324.4 trillion cubic feet (9.2 trillion cubic metres), the ministry said.

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