The leading oil exporter, Saudi Arabia, announced that a slightly rise is observed in the crude oil reserves of country.
Saudi Arabia crude oil reserves are increased. However, the news came after the country did the independent audit and provided more details about deposits’ size that kept secret for several years.
Country’s reserves of crude oil are considered as among largest in the world. However, the audit was done as the integral part of the Initial Public Offering or IPO of Saudi Aramco, country’s state oil company.
Saudi Energy Ministry revealed in a statement that country’s crude oil and gas reserves are 325.1 trillion standard cubic feet and 268.5 billion barrels respectively.
Khalid al-Falih, Saudi Energy Minister revealed that country’s oil and gas reserves are larger than what they have been announcing.
According to sources, Audit will dispel the rumors in the oil and gas sector about the reserves of Saudi Arabia. In addition, it will also provide surety for key investors in Saudi Aramco.