Saudi Arabia to trim oil exports further in February

Darnell Taylor
January 12, 2019

The government of Saudi Arabia said in a statement Wednesday that U.S. energy consultancy DeGolyer & MacNaughton had concluded that its oil reserves total 268.5 billion barrels.

The funding programme "will be sustained over time as Saudi Aramco grows and undertakes its capital programme", Mr Al-Falih said.

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.

Addressing a press conference on Wednesday, Minister Khalid al-Falih said that the latest audit "confirms our belief that Aramco is the most valuable company in the world".

Saudi Arabia plans to sell a stake in Aramco as part of its Vision 2030 programme, the kingdom's overarching economic overhaul agenda, which is aimed at weaning the kingdom off oil income.

He called on the industry to use this metric alongside profitability.

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.

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He also announced the output cut would go up by an additional 100,000 bpd reduction in February.

However, the source said that the refinery would likely to cost around $4 billion to $8 billion and will have the capacity up to 0.4 million barrels per day.

Saudi Arabia pumped oil at record levels in 2018, including output of 11 million barrels a day in November.

Oil prices fell by 1 per cent yesterday on growing US supply, although the mood in global markets was increasingly confident amid hopes the United States and China may soon end trade disputes that have undermined global economic growth.

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

It was the first time Riyadh has tapped global debt markets since the October murder of journalist Jamal Khashoggi, which tarnished Saudi Arabia´s public image.

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