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Saudi Arabia says vast oil reserves even bigger than thought

AFP  |  Riyadh 

OPEC kingpin said Wednesday that its huge reserves, already the second largest in the world behind only Venezuela, are even bigger than previously thought.

The said proven reserves stood at 263.2 billion barrels at the end of last year, up from the figure of 261 billion barrels that has been used for almost three decades.

The kingdom has another 2.9 billion barrels of crude in a border zone shared with neighbouring Kuwait, bringing total reserves to 266.1 billion barrels, the ministry said.

also grew from 302.3 trillion cubic feet (8.56 trillion cubic metres) to 324.4 trillion cubic feet (9.2 trillion cubic metres), the ministry said.

It said the new figures have been backed by an independent third-party certification by leading consultants and MacNaughton (D&M).

is the world's top It is the third biggest after the and with around 10.6 million barrels per day.

said Saudi oil remains among the cheapest in the world to extract, at only USD 4 a barrel.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 09 2019. 22:35 IST