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

Saudi Arabia announces rise in oil, gas reserves

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.

Opec and its allies decided last month to cut their overall output by 1.2 million bpd from January, to boost prices hit by a supply glut and fears demand could plummet.

That leaves "spare capacity very low, much lower than the 1.5 to 2 million barrels a day which they used to aim for", said Spencer Welch, oil markets executive director at IHS Markit.

The Saudi Arabia-based oil and gas giants, Saudi Aramco, is planning to delve into the debt market during the second quarter in order to fund the purchase of petrochemical company, Sabic, in what is set to be its first ever global bond, according to Bloomberg. "We are serious about restoring balance to the market", Falih told a press conference in Riyadh held to announce that the kingdom's vast oil reserves are even bigger than previously thought. "We have seen peaks and drops in prices (that are) completely unjustified by the fundamentals".

Brent and the world's other benchmark crude, West Texas Intermediate, both slumped late a year ago to 18-month lows of US$49.93 and US$42.36 per barrel respectively.

The audit will dispel scepticism in the oil industry about the size of Saudi reserves and provide assurance for potential investors in Aramco investors, should the initial public offering which has been delayed eventually go ahead.

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

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

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

It was the first time Riyadh has tapped worldwide debt markets since the October murder of journalist Jamal Khashoggi, which tarnished Saudi Arabia's public image. They said that the central bank will be especially cautious about pushing ahead with interest-rate increases after raising them four times past year.

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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