Saudi crude oil reserves up at 268.5bn barrels

Saudi Arabia announces rise in oil, gas reserves

Saudi Arabia announces rise in oil, gas reserves

"Saudi Energy Minister Khalid al-Falih said it will reduce its exports from eight million barrels per day to 7.2 million and that there will be a further cut of 100,000 barrels per day in February", Essex added.

He also said Saudi Arabia was producing 10.20 million bpd, delivering on an earlier pledge to cut output further than required by a supply-limiting deal between the Organization of the Petroleum Exporting Countries and allies such as Russian Federation.

"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.

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

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.

In December, the Organization of Oil Exporting Countries made a decision to reduce oil supply by 1.2 million barrels starting January.

But on Wednesday, Brent crude for March delivery hit US$60, up 20 per cent on the figure two weeks ago, prior to a deal between Opec members and other major producers to cut output from Jan 1. The kingdom took a first step in that direction on Wednesday by releasing the first audit of Aramco's oil and gas reserves since 1980.

The Kingdom's share of the Partitioned Zone oil reserves (onshore and offshore combined) is 2.9 billion barrels and the corresponding gas reserves is 4.9 Tcf (Trillion cubic feet).

The world's largest crude oil seller exported around 7.3 mbpd of crude in December and 7.9 mbpd in November, according to the report.

So, including the D&M revision of oil reserves in the Saudi Aramco's concession area, the Kingdom's total proven oil and gas reserves as of year-end 2017 would have been about 266.1 billion barrels of oil and 324.4 trillion standard cubic feet of gas.

While crude oil prices fluctuate depending on news events, global politics, and market conditions, the demand for transportation fuel continues to grow steadily, worldwide, according to the company. They said that the central bank will be especially cautious about pushing ahead with interest-rate increases after raising them four times previous year.