Saudi Arabia 'serious' about oil market stabilization

Economy 1/9/2019, 4:35 PM
Saudi Arabia 'serious' about oil market stabilization

Saudi Arabia's Oil Minister Khaled al-Falih stated on Wednesday that his country was very "serious" about oil market stabilization, referring to Riyadh's efforts to help cap the global production of crude. Al Falih added that he sees the oil market stabilizing "soon" as Saudi and other members of the Organization of the Petroleum Exporting Countries (OPEC), as well as other major oil producers led by Russia, continue to implement the recently agreed output cut deal.

Al Falih, however, noted that he was still "concerned" about the volatility in the oil market. Yet, he said that his worries were subdued since the production cap deal was put in place. The oil minister added that Saudi Arabia cut its exports by 800,000 barrels per day in January.

Meanwhile, the kingdom also published its first oil reserves audit. According to the official publication, Saudi Arabia's reserve total to 268.5 billion barrels. The audit release comes ahead of the country's Saudi Aramco's planned IPO. "This certification underscores why every barrel we produce is the most profitable in the world, and why we believe Saudi Aramco is the world’s most valuable company and indeed the world’s most important," the oil minister added.

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