Saudi Arabia reveals rise in oil, gas reserves

An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield operated by Saudi Aramco in Manifa Saudi Arabia on Wednesday Oct. 3 2018. Bloomberg

Saudi Arabia reveals rise in oil, gas reserves

Saudi Arabia on Wednesday announced that it would cut back oil exports in January by 10% compared to November, as prices continue to fall.

Dallas-based consultants DeGolyer and MacNaughton carried out the audit of the Kingdom's oil reserves.

According the estimates given by the Board of Investment, Saudi Arabia is likely to invest $5 to $10 billion in the oil refinery and petrochemical complex at Gwadar. Al-Falih reiterated Crown Prince Mohammed bin Salman's comments in 2018 that Riyadh is aiming for Aramco's initial public offering in 2021.

Sources in Petroleum Division said that the minister will arrive in the port city of Balochistan on Saturday. "We believe that having bonds and commercial paper as one of its sources of capital is prudent and necessary".

The 2017 figure for crude reserves is larger than the total 260.8 billion barrels Aramco reported in its 2016 annual review.

He said that Aramco would also issue bonds in the second-quarter of the year and that company financial details would be published as part of that process.

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That debt sale would force the world's largest oil producer to disclose its accounts to investors for the first time since its nationalization roughly four decades ago.

"We are serious about restoring balance to the market", Falih told a press conference in Riyadh.

"For most of the market, what this does is that it really reinforce what we all know, which is Saudi Arabia holds significant and low-priced reserves", said Richard Mallinson, an analyst with consultancy Energy Aspects.

As for the Saudi Arabia cuts, Martin Essex, analyst at Daily FX, said in a report sent to UPI that the market was optimistic that it could help reduce supply.

Oil prices fell by 1 per cent yesterday on growing USA supply, although the mood in global markets was increasingly confident amid hopes the United States and China may soon end trade disputes that have undermined global economic growth.

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