Saudi Arabia announces rise in oil, gas reserves

Oil Surges Above $52 on Saudi Assurances China Trade OptimismMore

Oil Surges Above $52 on Saudi Assurances China Trade OptimismMore

The Middle Eastern producer's energy minister, Khalid Al-Falih, also said that the pledged reductions of 1.2 million barrels a day are "more than sufficient to balance the market".

OPEC and its allies decided last month to cut their overall output by 1.2 million bpd starting January to shore up sliding prices.

Crude trading on Wednesday played out contrary to the way cautious analysts earlier in the week warned that it might, with assurances that Saudi Arabia's oil production and exports are falling sharply causing West Texas Intermediate to surge by $2.58 to $52.36 and Brent to climb $2.55 to $61.27 per barrel.

Entering the debt market is a move aimed at helping the company to finance its planned acquisition of a 70% stake in petrochemical firm SABIC from the kingdom's Public Investment Fund (PIF).

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"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", Mr Al-Falih said.

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

The energy ministry said that Saudi reserves were 268.5 billion barrels of oil and 325.1 trillion standard cubic feet of gas at the end of 2017, Arab News reported, citing the official Saudi Press Agency. 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.

Leading consultants DeGolyer and MacNaughton (D&M) conducted the independent certification.

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

That debt sale would force the world's largest oil producer to disclose its accounts to investors for the first time since its nationalisation roughly four decades ago.

But the kingdom has posted budget shortfalls each year since a major 2014 crash in crude prices, and has turned to borrowing as well as pursuing economic reforms.

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.

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The operation was not fully concluded, so the interest rates have not yet been calculated.

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