Saudi Arabia to announce slight rise in oil, gas reserves after audit

Irving Hamilton
January 12, 2019

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

OPEC kingpin Saudi Arabia will slash its oil exports in January by 10 percent compared to November, the energy minister said Wednesday.

The Kingdom plans to ship about 7.1 million barrels per day (bpd) in February, down from 7.2 million bpd in January.

The falling inventories came amid rising crude imports, which recorded an average of 7.8 million barrels per day (bpd) last week, the report said.

"We are serious about restoring balance to the market", Falih told a press conference in Riyadh. "We have seen peaks and drops in prices completely unjustified by the fundamentals". It is the third biggest producer after the United States and Russian Federation with around 10.6 million barrels per day.

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

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Pandya posted an apology to his social media accounts claiming he had "reflected" on his comments. On Friday, India captain Virat Kohli said the players' comments were not acceptable .

Despite this, USA bank Morgan Stanley cut its 2019 oil price forecasts by more than 10 per cent on Wednesday, pointing to "weakening economic growth expectations" and rising oil supply from outside OPEC as reasons for their lower price forecast.

The audit was carried out by Dallas-based consultancy DeGolyer and MacNaughton.

During his visit, Pakistan and the Kingdom will sign the MoU for setting up an oil refinery in the port city by the Saudi oil giant.

Saudi Arabia's gas reserves were also revised upward to 325.1 trillion standard cubic feet from 307.9 trillion.

Saudi Arabia is expected to announce a slight rise in its crude oil and gas reserves on Wednesday after being independently audited, according to a source familiar with the matter. Falih said on Wednesday the kingdom would still go ahead, and list the company by 2021.

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

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