Saudi Arabia to trim oil exports further in February

12 January, 2019, 19:13 | Author: Mary Valdez
  • Saudi Arabia announces rise in oil, gas reserves

"The results point out that the kingdom's reserves of oil and gas are bigger than what we have been announcing", Saudi energy minister Khalid al-Falih told a news conference in Riyadh.

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.

Although crude stocks dipped by 1.7 million barrels, to 439.74 million barrels, they remained above their five-year seasonal average of 435 million barrels.

Aramco's cost of production is a mere $4 a barrel, he said, giving a rare insight into a key metric not usually disclosed.

Saudi Arabia has opened up its vast energy reserves to independent auditors for the first time, a move that could help it revive plans to sell shares in state oil giant Aramco. "We have seen peaks and drops in prices completely unjustified by the fundamentals".

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But prices have partially rebounded in the past few days after a new deal, in which OPEC and non-OPEC oil producers agreed to trim output by 1.2 million bpd, came into effect in January.

"This certification underscores why every barrel we produce is the most profitable in the world, and why we believe Saudi Aramco is the world's most valuable company and indeed the world's most important", he said. Oil reserves, which include those of Saudi Aramco's concession, were up 0.8 per cent, while gas reserves increased 5.6 per cent.

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.

Saudi Arabia, world's top oil supplier, announced that it would markedly slash oil supply in the recent two months.

While Aramco prepares for its debut worldwide bond, the kingdom itself sold $7.5 billion of global debt on Wednesday in the first test of how much damage the killing of Washington Post columnist Jamal Khashoggi has inflicted on investor appetite.

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