Saudi Arabia says vast oil reserves even bigger than thought

Saudi Arabia announces rise in oil, gas reserves

Saudi to slash oil exports after price slide: Energy minister

Saudi Arabia's reserves of easily recoverable oil have always been the world's largest but few details were public.

Saudi Arabia announced an increase in its oil and gas reserves on Wednesday, January 9.

Aramco's bond sale will probably be in USA dollars, Bloomberg quoted Saudi Energy Minister Khalid al-Falih as saying at a presentation of the plan in Riyadh.

"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", Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said.

"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", al-Falih said, commenting on the plans for the bond sale. After Brent crude hit $85 a barrel in early October, prices dived more than 40 percent over the following two months due to oversupply and fears of a trade war between the United States and China that could slash energy demand. "We have seen peaks and drops in prices (that are) completely unjustified by the fundamentals".

Of these, the estimated proven oil and gas reserves in Saudi Aramco's concession area were 261 billion barrels of oil and 302.3 trillion standard cubic feet of gas.

Saudi Arabia's reserves of easily recoverable oil have always been the world's largest.

Falih said Saudi oil remains among the cheapest in the world to extract, at only $4 a barrel.

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. But demand was high, at $27 billion, according to HSBC.

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