RIYADH: Saudi Arabia is expected to announce a slight rise in its crude oil and gas reserves after being independently audited on Wednesday, according to a source familiar with the matter.
Saudi Arabia’s reserves of easily recoverable oil have long been the world’s largest.
For nearly 30 years — despite rising production, large swings in oil prices and improved technology — Riyadh has annually reported the same number for reserves at around 261 billion barrels, according to a statistical review by BP.
Saudi Energy Minister Khalid Al-Falih is due to hold a news conference in Riyadh on Wednesday to make the announcement at around 11.30 local time (0830 GMT).
He is also expected to provide further updates on the country’s energy strategy.
Saudi Arabia to announce slight rise in oil, gas reserves after audit
Saudi Arabia to announce slight rise in oil, gas reserves after audit
- Saudi Arabia’s reserves of easily recoverable oil have long been the world’s largest
- Saudi Energy Minister Khalid Al-Falih is due to hold a news conference in Riyadh on Wednesday to make the announcement at around 11.30 local time
