Saudi Aramco details creation of service station chain in Saudi Arabia

12 January, 2019, 02:43 | Author: Regina Silva
  • Oil Surges Above $52 on Saudi Assurances China Trade OptimismMore

Saudi Energy Minister Khalid al-Falih said the kingdom will reduce its exports from 8 million barrels per day to 7.2 million in January, AFP reported.

However, it is unclear to what extent the talks with China and al-Falih's remarks will keep the market buoyed, especially given the U.S. Energy Information Administration reporting that the nation's inventories of gasoline rose by 8.1 million barrels and distillates stockpiles (including diesel and heating fuel) jumped by 10.6 million barrels (crude stockpiles fell by 1.7 million barrels).

OPEC and its allies decided last month to cut their overall output by 1.2 million bpd starting January to shore up sliding prices.

Falih said Saudi production had fallen to 10.2 million bpd, down from the roughly 11 million bpd it was pumping when oil producers chose to end a production cut deal in May.

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".

In December, the Organization of Oil Exporting Countries chose to reduce oil supply by 1.2 million barrels starting January.

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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. "We have seen peaks and drops in prices completely unjustified by the fundamentals".

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

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. Its crude reserves totaled 268.5 billion barrels (Bbbls) at year-end 2017, up from the previous estimat of 266.3 Bbbls.

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

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. Meanwhile, promises of patience in raising interest rates from Fed Chairman Jerome Powell soothed anxiety about growth in the USA, the biggest oil consumer. 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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