Saudi Arabia announces rise in oil reserves after audit
Top oil exporter Saudi Arabia announced a slight rise in its crude oil reserves on Wednesday after they were independently audited.
Saudi Arabia`s total proven oil and gas reserves stood at around 268.5 billion barrels of oil and 325.1 trillion standard cubic feet of gas at the end of 2017, the Saudi Energy Ministry said in statement carried by state news agency SPA on Wednesday.
Saudi Arabia`s reserves of easily recoverable oil have long been the world`s largest.
For almost 30 years - despite rising production, large swings in oil prices and improved technology - Riyadh had annually reported the same number for reserves at around 261 billion barrels, according to a statistical review by BP.
Consultant DeGolyer and MacNaughton carried out the audit.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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