Wednesday, 20 March, 2019

Saudi Arabia says vast oil reserves even bigger than thought

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 announces rise in oil, gas reserves
Priscilla Morrison | 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.

More news: Bizarre Ear Condition Makes Woman Unable to Hear Men's Voices

"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.

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.

Recommended

Netflix in $25m lawsuit over Bandersnatch episode Netflix in $25m lawsuit over Bandersnatch episode According to Chooseco's complaint , Netflix did try to get permission, engaging in "extensive negotiations", but in the end never got a license.

Did not know Manafort shared campaign data with Russian partner, claims Trump Did not know Manafort shared campaign data with Russian partner, claims Trump She also gave Manafort's lawyers until January 18 to respond to the special counsel's filings. Manafort's lawyers said any incorrect statements by him were unintentional.

Kanter-For-Randolph Deal In The Works Kanter-For-Randolph Deal In The Works ESPN's Adrian Wojnarowski says nothing is close as of now in terms of this potential swap of expiring contracts. Kanter, however, stopped short of requesting a trade during a recent meeting with general manager Scott Perry.

Monaco sign Chelsea's Fabregas on three-and-a-half-year deal Monaco sign Chelsea's Fabregas on three-and-a-half-year deal Struggling AS Monaco have boosted their relegation fight by signing experienced midfielder Cesc Fabregas from Chelsea until June 2022.

Sun to Become a Crystallized Ball When It Dies, New Study Suggests Sun to Become a Crystallized Ball When It Dies, New Study Suggests The same thing is happening in cores of these white dwarf stars except over a much longer time period, the authors said .

U.S. cancer deaths continue to decline U.S.  cancer deaths continue to decline Cancer made up 22% of all deaths in 2016, making it the second leading causeof deathin the United States, following heart disease. The lifetime probability of being diagnosed with cancer is 39.3% for men and 37.7% for women, which is a little more than 1 in 3.

'Criminal Minds' Final Season Details Revealed 'Criminal Minds' Final Season Details Revealed We're so very proud to have aired it. "It speaks to everything we do best, which is air quality television". The show announced the big news on Twitter , with the post, "Hey, #CriminalMinds fans-we've got big news".

Apple plans new iPhone lineup despite sales worries Apple plans new iPhone lineup despite sales worries Why it matters: Apple for years has influenced the direction of the smartphone industry. Apple has a big year ahead of itself.

Seals Overrun Town After Bay Waters Freeze, Block Them from the Ocean Seals Overrun Town After Bay Waters Freeze, Block Them from the Ocean On Wednesday, the town called on the federal Department of Fisheries and Oceans (DFO) to send more assistance. Although harp seals are generally not aggressive, they will defend themselves if humans get too close.

Anupam Kher's mother says, Manmohan Singh 'shareef tha bechara Anupam Kher's mother says, Manmohan Singh 'shareef tha bechara The court had admitted the case and fixed 8 January to hear the case in the Sub Divisional Judicial Magistrate court. On Monday, a single judge bench disposed off the plea saying it should be refiled as a public suit.

Chelsea prepared to report Bayern to Federation Internationale de Football Association over Hudson-Odoi Chelsea prepared to report Bayern to Federation Internationale de Football Association  over Hudson-Odoi Meanwhile, Chelsea FC are now preparing for their home clash against Newcastle United in the Premier League on Saturday night. I think it is a great opportunity for him to do that'. "As you can understand very well, I cannot tell you where", he said.

The Oscars would rather have A-list skits than a host The Oscars would rather have A-list skits than a host The Academy nearly reconsidered Hart after he agreed to sit down with talk show host Ellen Degeneres in early January. According to a report from Variety , the Academy Awards won't feature a singular host for the first time since 1989.

'The Punisher' Season 2 Trailer Teases Frank Castle's Masked Enemy 'The Punisher' Season 2 Trailer Teases Frank Castle's Masked Enemy Guess we'll have to wait and see if this is really the end after The Punisher season 2 debuts on Netflix in a week on 18 January. In Season 2, Jon Bernthal returns as Frank Castle , who up until now has been living a quiet life out on the road.

Hardik Pandya and KL Rahul to sit out Sydney ODI Hardik Pandya and KL Rahul to sit out Sydney ODI Both Pandya and Rahul have been part of India's practice sessions in Sydney leading up to Saturday's first ODI. This was after the BCCI's legal team refused to declare the duo's comments a violation of the code of conduct.

Poland arrests two over spying allegations, including Huawei employee Poland arrests two over spying allegations, including Huawei employee The news agency quotes Huawei as offering no comment, beyond saying that it is aware of the case and is monitoring the situation. The arrested pair will be held for three months, PAP reported, citing the spokesperson for Poland's head of special services.