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Saudi Arabia announces rise in oil reserves after audit

Reuters  |  RIYADH 

(Reuters) - Top exporter announced a slight rise in its crude reserves on Wednesday after they were independently audited.

Saudi Arabia's total proven 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 said in statement carried by state agency on Wednesday.

Saudi Arabia's reserves of easily have long been the world's largest.

For almost 30 years - despite rising production, large swings in and improved technology - had annually reported the same number for reserves at around 261 billion barrels, according to a statistical review by

and MacNaughton carried out the audit.

(Reporting by Rania El Gamal, writing by and Alex Lawler, editing by Louise Heavens)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, January 09 2019. 20:45 IST