Saudi Arabia to slash oil exports after price slide

12 January, 2019, 02:45 | Author: Brooke Harris
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"The results point out that the Kingdom's reserves of oil and gas are bigger than what we have been announcing", Saudi Energy Minister Khalid Al-Falih told reporters in Riyadh.

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 starting January to shore up sliding prices.

Further easing concerns of global oversupply, U.S. commercial crude oil inventories decreased by 1.7 million barrels from the week ending January 4, the U.S. Energy Information Administration reported on Wednesday, which marked the biggest fall since November 2018.

"We are concerned about volatility in the oil market", he said.

The country said oil reserves witnessed an increase from 2.2 billion barrels to 263.2 billion barrels while gas reserves increased from 17 trillion cubic feet to 319.5 trillion cubic feet.

"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.

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After Brent crude hit Dollars 85 a barrel in early October, prices dived more than 40 per cent 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.

Saudi Arabia has revealed a rise in crude oil reserves following an independent audit, lifting the lid on deposits that have been the subject of intense speculation since the Kingdom revealed plans to sell shares in its national oil company.

Saudi Arabia, the world's top oil exporter, is the third biggest crude producer after the United States and Russian Federation.

The estimate is slightly higher than the 266.3 billion barrel figure previously published by the Saudi government.

Natural gas reserves were also revised upwards from 302.3 trillion cubic feet (8.56 trillion cubic metres) to 324.4 trillion cubic feet, the ministry said.

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.

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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