Saudi Arabia to trim oil exports further in February

Roman Schwartz
January 12, 2019

"The energy gave back some of the ground made after it was reported that oil inventories dropped by 1.68 million barrels, and that gasoline stockpiles surged by over 8 million barrels", CMC analyst David Madden said.

But prices have partially rebounded in the past few days after a new deal, in which OPEC and non-OPEC oil producers agreed to trim output by 1.2 million bpd, came into effect in January.

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

The kingdom is spearheading efforts by oil producing cartel Opec to cut production and push prices up.

That figure is "more than sufficient to bring balance to the market", said Falih, adding that the production cut would trim excess supply.

He mentioned an announcement "Wednesday by Saudi Arabia that it will cut its exports in January by 10 percent compared with November".

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Leading consultants DeGolyer and MacNaughton (D&M) conducted the independent certification.

Of these, the estimated proven oil and gas reserves in Saudi Aramco's concession area were 261 billion barrels of oil and 302.3 trillion standard cubic feet of gas.

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.

It answers a key question for potential investors in the planned share sale of Saudi Aramco, the state-owned company that manages the Kingdom's vast oil wealth.

"Amid easing trade tension and a weaker USA dollar, crude oil prices rallied after Saudi Arabia reassured the market that its production cuts would remain in place", ANZ bank said yesterday.

It was the first time Riyadh has tapped global debt markets since the October murder of journalist Jamal Khashoggi, which tarnished Saudi Arabia´s public image.

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