Saudi Arabia Reveals Rise In Oil Reserves And Commits To Aramco Listing
12 January, 2019, 19:13 | Author: Eric Barnett
OPEC kingpin Saudi Arabia said Wednesday it would slash its oil exports by 800,000 barrels per day in January and promised further cuts as producers move to shore up tumbling prices.
The minister also pledged to go ahead with the delayed IPO of Aramco despite speculation that it had been shelved.
The world's biggest oil exporter revised up its hydrocarbon reserves on Wednesday after consultants DeGolyer & MacNaughton finished conducting an audit of the deposits for the end of December 2017.
Crude trading on Wednesday played out contrary to the way cautious analysts earlier in the week warned that it might, with assurances that Saudi Arabia's oil production and exports are falling sharply causing West Texas Intermediate to surge by $2.58 to $52.36 and Brent to climb $2.55 to $61.27 per barrel.
Sources in Petroleum Division said that the minister will arrive in the port city of Balochistan on Saturday.
Mr Al-Falih reiterated Crown Prince Mohammed bin Salman's comments in 2018 that Riyadh is aiming for Aramco's initial public offering in 2021.
"For most of the market, what this does is that it really reinforce what we all know, which is Saudi Arabia holds significant and low-priced reserves", said Richard Mallinson, an analyst with consultancy Energy Aspects.
Reports of how Aramco plans to finance the acquisition of the majority stake in Sabic started to circulate in October previous year, with some reports saying that Aramco may borrow US$50 billion from worldwide banks to finance that deal.
"The bond issue is meant to give Aramco multiple sources of capital", he said. That figure is "more than sufficient to bring balance to the market", said Falih, adding that the production cut would trim excess supply from the market.
Saudi Arabia's reserves of easily recoverable oil have always been the world's largest.
For nearly 30 years - despite rising production, large swings in oil prices and improved technology - Riyadh had annually reported the same number for reserves at around 261 billion barrels, according to a statistical review by BP.
Saudi Arabia had a target to lower output to 10.311 million bpd as of January 1, when the supply cut accord took effect.
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