OPEC kingpin Saudi Arabia will slash its oil exports in January by 10 percent compared to November, the energy minister said Wednesday. OPEC and its allies decided last month to cut their overall output by 1.2 million bpd starting in January, to boost prices hit by a supply glut and fears demand could plummet.
The Kingdom's proven oil and gas reserves stood at around 268.5 billion barrels of oil and 325.1 trillion standard cubic feet of gas as of the end of 2017, the Saudi Energy Ministry said in a statement carried by the SPA state news agency.
There will be a further cut of 1,00,000 barrels in February.
The Saudi Arabia-based oil and gas giants, Saudi Aramco, is planning to delve into the debt market during the second quarter in order to fund the purchase of petrochemical company, Sabic, in what is set to be its first ever worldwide bond, according to Bloomberg.
Addressing a press conference on Wednesday, Minister Khalid al-Falih said that the latest audit "confirms our belief that Aramco is the most valuable company in the world".
In December, the Organization of Oil Exporting Countries chose to reduce oil supply by 1.2 million barrels starting January.
An independent external audit of Saudi Aramco's oil reserves - an essential part of the preparatory work for its planned initial public offering - found the state oil giant to have higher oil and gas reserves than it previously reported, sources familiar with the matter told Reuters in April. "We have seen peaks and drops in prices completely unjustified by the fundamentals".
That debt sale would force the world's largest oil producer to disclose its accounts to investors for the first time since its nationalisation roughly four decades ago.
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.
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. Meanwhile, promises of patience in raising interest rates from Fed Chairman Jerome Powell soothed anxiety about growth in the US, the biggest oil consumer.
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.