Saudi Aramco plans to issue global bond

Saudi Arabia announces rise in oil, gas reserves

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.

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.

"China trade talks and firm commitments made by Saudi Arabia to cut oil production", he said.

Saudi-led OPEC and Russian Federation agreed on December 7 to curb their total crude oil production by 1.2 mbpd beginning on January 1 for six months, but the plan so far has had little impact on crude prices.

Mr Al-Falih played down chatter in the market that Aramco would fund the entire US$70 billion Sabic deal with the bond offering.

"We are serious about restoring balance to the market", Falih told a press conference in Riyadh.

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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.

On Wednesday, the company released its first audit of reserves since 1980, showing why "Aramco is the world's most valuable company and indeed the world's most important", according to Al-Falih.

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

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).

Saudi Arabia, the world's top oil exporter, is the third biggest crude producer after the United States and Russian Federation. Gas reserves totalled 325.1 trillion cubic feet (Tcf), an increase of 17.2 Tcf over the previous estimate.

That the carbon intensity of Saudi Arabia's oil and corresponding gas flaring are among the very lowest in the world, and he called on the industry to use this metric alongside profitability. They said that the central bank will be especially cautious about pushing ahead with interest-rate increases after raising them four times a year ago. The closest it has come to issuing debt was when it raised 11.25 billion riyals (US$3 billion) in a debut, local-currency, Islamic-bond sale.

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