Saudi to Slash Oil Exports by 800,000 Bpd: Minister

Saudi Arabia announces rise in oil, gas reserves

Khalid al-Falih, energy minister for the Saudis, is credited for bolstering traders, by stating on Wednesday that his kingdom will meet its goal of reducing output to 10.2 million barrels per day (bpd) this month, down about 900,000 bpd from the country's record November output; the Saudis will also export 7.2 million bpd this month and 7.1 million bpd in February.

He also said Saudi Arabia was producing 10.20 million bpd, delivering on an earlier pledge to cut output further than required by a supply-limiting deal between the Organization of the Petroleum Exporting Countries and allies such as Russian Federation.

For nearly 30 years - despite rising production, large swings in oil prices and improved technology - Riyadh has annually reported the same number for reserves at around 261 billion barrels, according to a statistical review by BP. "We are concerned about volatility in the oil market". "We are serious about restoring balance to the market", Falih said at a press conference in Riyadh.

In December, the Organization of Oil Exporting Countries chose to reduce oil supply by 1.2 million barrels starting January. "We have seen peaks and drops in prices (that are) completely unjustified by the fundamentals". The global benchmark crude traded at a premium of $8.74 a barrel to West Texas Intermediate for the same month.

The Kingdom previously announced that oil and gas reserves were 264 billion barrels of oil and 307.2 trillion standard cubic feet of gas respectively as of December 31, 2017.

It said the new figures have been backed by an independent third-party certification by leading consultants DeGolyer and MacNaughton (D&M).

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


The Kingdom's share of the Partitioned Zone oil reserves (onshore and offshore combined) is 2.9 billion barrels and the corresponding gas reserves is 4.9 Tcf (Trillion cubic feet).

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.

"We are pursuing a total shift in paradigm in the gas station perception among the public, from what people think of gas stations now as a divergence from a main route to get convenience service to a destination of services on major highways, to work, or simply on the way back home", Al-Gahtani 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.

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

Verizon Communications Inc raised US$49 billion in the largest ever corporate bond sale in 2013 to buy Vodafone Group's stake in its cellular phone unit.

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