Saudi Arabia says vast oil reserves even bigger than thought
Saudi Arabia says vast oil reserves even bigger than thought
Saudi Arabia announces rise in oil, gas reserves
12 January, 2019, 02:45
Saudi state oil giant Saudi Aramco plans to issue its first global bonds in the second quarter of 2019, the country's energy minister Khalid Al-Falih said Wednesday, Kallanish Energy reports.
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. OPEC and its allies decided last month to cut their overall output by 1.2 million bpd starting in January, to boost prices hit by a supply glut and fears demand could plummet.
Of these, the estimated proven oil and gas reserves in Saudi Aramco's concession area were 261 billion barrels of oil and 302.3 trillion standard cubic feet of gas.
Further easing concerns of global oversupply, U.S. commercial crude oil inventories decreased by 1.7 million barrels from the week ending January 4, the U.S. Energy Information Administration reported on Wednesday, which marked the biggest fall since November 2018.
Al-Falih played down chatter in the market that Aramco would fund the entire US$70 billion Sabic deal with the bond offering.
"We are serious about restoring balance to the market", he told a press conference in Riyadh "We are concerned about volatility in the oil market". "We have seen peaks and drops in prices (that are) completely unjustified by the fundamentals".
The kingdom has another 2.9 billion barrels of crude in a border zone shared with neighbouring Kuwait, bringing total oil reserves to 266.1 billion barrels, the ministry said.
It said the new figures have been backed by an independent third-party certification by leading consultants DeGolyer and MacNaughton (D&M).
Saudi Arabia's reserves of easily recoverable oil have always been the world's largest. Falih said on Wednesday the kingdom would still go ahead, and list the company by 2021. Meanwhile, promises of patience in raising interest rates from Fed Chairman Jerome Powell soothed anxiety about growth in the USA, the biggest oil consumer.
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