RIYADH: Saudi Arabia is expected to announce a slight rise in its crude oil and gas reserves on Wednesday after being independently audited, according to a source familiar with the matter.
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 has annually reported the same number for reserves at around 261 billion barrels, according to a statistical review by BP.
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.
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.