Saudi Arabia announces rise in oil, gas reserves

Saudi Arabia announces rise in oil, gas reserves

Saudi Aramco-whose initial public offering (IPO) touted for 2018 is now all but scrapped-plans to buy 70 percent in Sabic currently in the hands of the Public Investment Fund (PIF) of Saudi Arabia in a deal expected to be worth US$70 billion.

OPEC kingpin Saudi Arabia will slash its oil exports in January by 10 percent compared to November, the energy minister said Wednesday.

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

Khalid al-Falih said the kingdom, the world's top crude supplier, would cut its exports to 7.2 million barrels per day in January, down from 8.0 million bpd in November. It is the third biggest producer after the United States and Russian Federation with around 10.6 million barrels per day.

"We are concerned about volatility in the oil market", he said.

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That figure is "more than sufficient to bring balance to the market", said Falih, adding that the production cut would trim excess supply.

The energy ministry said proven oil reserves stood at 263.2 billion barrels at the end of previous year, up from the figure of 261 billion barrels that has been used for nearly three decades.

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

That the carbon intensity of Saudi Arabia's oil and corresponding gas flaring are among the very lowest in the world, and he called on the industry to use this metric alongside profitability.

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.

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